Market volatility made its ugly head again for crypto traders on January 13, as the one-week high of Bitcoin (BTC) excitement was quickly thwarted by a correction that pushed the cryptocurrency back into the mid-$45,000 range.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting an intraday high at $44,500, the bitcoin market was dominated by bears and the price reached a low of $42,315 while the broader global financial markets also saw a notable sell-off.
Here is what many analysts in the crypto community have to say about the price action on January 13th and the levels that traders should watch.
The 50 day EMA becomes the new resistance
An analysis of the weekly Bitcoin price movement was provided by crypto analyst and Twitter user pseudonym Rekt Capital, who… Spread The following chart focuses on the performance of BTC around the 50 day exponential moving average (EMA).
Rekt Capital said,
“Although Bitcoin did not reject it in a perfect way… the blue 50-week exponential moving average can be seen as resistance at this time.”
Based on the provided chart, Bitcoin is now facing a heavy resistance at $44,825.
Whales are putting pressure at $46,500
When it comes to where Bitcoin whales are made, blockchain analytics company Whalemap Spread The following chart details the heavy build-up at the current price level, as well as the previous build-up of 90,000 BTC around the $46,500 price level.
said the whale,
“A recovery of $46,500 would look like a trend reversal. However, the whales will offer a little resistance there. All eyes are on $46,500.”
“Keep calm and enjoy the markets”
This resistance area was also highlighted by independent market analyst Michael van de Poppe, who Spread The following chart provides a rough estimate of what BTC price action for January might look like.
“This could be a very realistic scenario for Bitcoin. The first test is $46K, I doubt we will crack in one go.”
After trying to breakout and being rejected at $44,000, Poppe posted the following tweet calling for patience as the higher path will take time to reveal.
Relax, keep calm and enjoy the markets.
The spirits of the past days began to slowly shift.
In the long term it is still bullish, but in order to have a big bullish move, # bitcoin The price movement needs stability and accumulation.
– Michael van de Poppe (@CryptoMichNL) January 13, 2022
The total cryptocurrency market capitalization now stands at $2.023 trillion and the bitcoin dominance rate is 39.8%.
The opinions 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 risks, you should do your own research when making a decision.