Business

Analysts forecast a turbulent Bitcoin price swing until $46,500 becomes support

Market volatility reared its ugly head again for crypto traders on Jan. 13, as excitement over Bitcoin (BTC) hitting its highest level in a week was quickly thwarted by a correction that pushed the cryptocurrency higher. back to the mid-range of $45,000.

Data from Cointelegraph Markets Pro and TradingView shows that after reaching an intraday high of $44,500, bears took control of the Bitcoin market and pushed the price down to a low of $42,315, while the broader global financial markets also saw a surge. remarkable clearance.

BTC/USDT 1-day chart. Source: TradingView

Here is what various analysts in the cryptocurrency community are saying about today’s price action and what levels traders should watch.

The 50 day EMA becomes the new resistance

Analysis of Bitcoin’s weekly price movement was provided by crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who public the chart below focused on BTC’s performance around the 50-day exponential moving average.

1-week chart for the BTC/USD pair. Source: Twitter

rektcapital said,

“Even though BTC didn’t turn it down in a perfect way… It could be reasoned that the 50-week EMA (blue) is listed as resistance at the moment.”

As per the chart provided, Bitcoin is now facing strong resistance at $44,825.

Whales put pressure on $46,500

When it comes to where Bitcoin whales have been making waves, on-chain analytics firm Whalemap public the chart below detailing the large accumulation at the current price level as well as the previous accumulation of 90,000 BTC around the $46,500 price level.

Large Bitcoin inflows to wallets. Source: Twitter

whalemap said,

“The recovery of $46,500 will be seen as a trend change. However, the whales will provide a bit of resistance there. All eyes on $46,500.”

“Keep calm and enjoy the markets”

This area of ​​resistance was also highlighted by independent market analyst Michaël van de Poppe, who public the chart below showing a rough estimate of what BTC price action could look like for the month of January.

4-hour chart for the BTC/USDT pair. Source: TradingView

van de Poppe said,

“This could be a very realistic scenario for Bitcoin. $46,000 first test, I doubt we’ll make it in one go.”

Following the breakout attempt and rejection at $44,000, Poppe posted the following tweet asking for patience as the upper route will take time to develop.

The global cryptocurrency market capitalization now stands at $2.023 trillion and the dominance rate for Bitcoin is 39.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Source link

HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker