Crypto traders were once more affected by market volatility on January 13. The excitement surrounding Bitcoin (BTC), which reached its highest level in one week, was quickly dampened by a correction that pushed the cryptocurrency back to the mid-$45,000 mark.
Cointelegraph Markets Pro and TradingView data show that the Bitcoin market was at its highest intraday price of $44,500. The bears then took control and drove the price down to $42,315. Global financial markets saw a significant sell-off.
BTC/USDT 1-day chart. Source: TradingView
Here are the views of several cryptocurrency analysts on Jan. 13, and what traders should be paying attention to.
The new resistance is the 50-day EMA
Rekt Capital, a crypto analyst and pseudonymous Twitter User, provided analysis of Bitcoin’s weekly price movements. The following chart focused on BTC performance around the 50-day exponentially moving average (EMA).
BTC/USD 1-week chart. Source: Twitter
Rekt Capital said,
“Though BTC did not reject it in a picture perfect manner… The blue 50 week EMA could be argued to have been resistance at this point.”
According to the chart, Bitcoin is now facing stiff resistance at $44,825.
At $46,500, whales put pressure
Whalemap, an on-chain analysis company, posted this chart showing the heavy accumulation at the current price level and the previous accumulation of 90,000. BTC around $46,500.
Large Bitcoin wallet inflows. Source: Twitter
“Reclaim of $46,500” will be a trend reversal. There will be some resistance from whales. All eyes are on $46,500.
“Keep calm and enjoy the markets.”
Independent market analyst Michael van de Poppe also pointed out this area of resistance. He posted the following chart, which shows a rough estimate of how the BTC price action may look for January.
BTC/USDT 4-hour chart. Source: Twitter
van de Poppe said,
“This could be a very real scenario for Bitcoin. We won’t break through in one shot after the $46K first test.
Poppe tweeted the following message after the failure to breakout and the rejection at $44,000. He urged patience, as the higher route will take time.
Enjoy the markets, relax and stay calm. The sentiment started to shift slowly over the last days. Although long term bullish, the price action and #Bitcoin must settle before they can make a major bullish move. This is the period.
— Michael van de Poppe (@CryptoMichNL) January 13, 2022
The total cryptocurrency market is now worth $2.023 trillion. Bitcoin’s dominance rate at 39.8%.
com. You should do your research before making any investment or trading decision.