Market volatility once again got its ugly head for cryptocurrency traders on Jan. 13 as excitement over Bitcoin (BTC) reaching its highest level in a week was quickly thwarted by a correction that pushed cryptocurrency back into the mid-range of $ 45,000 .
Data from Cointelegraph Markets Pro and TradingView shows that after the bears hit an intraday high of $ 44,500, the bears took control of the Bitcoin market, pushing the price to a low of $ 42,315 as global financial markets fell – out.
Here’s what various analysts in the crypto community are saying about today’s price action and the level traders need to look out for.
50-day EMA becomes new resistance
The analysis of the weekly Bitcoin price movement was provided by the crypto-analyst and pseudonymous Twitter user “Rekt Capital”, who released The chart below focused on BTC’s performance around the 50-day exponential moving average.
“Though BTC didn’t perfectly reject this … it could be justified that the 50-week EMA (blue) is currently listed as a resistance.”
Bitcoin is now facing strong resistance at $ 44,825, according to the graph provided.
Whales put $ 46,500 under pressure
When it comes to where bitcoin whales have caused a stir, on-chain analytics firm has Whalemap released the following graph shows the large accumulation at the current price level as well as the previous accumulation of 90,000 BTC around the price level of $ 46,500.
The $ 46,500 rally is seen as a turnaround. However, the whales will offer some resistance there. All eyes on $ 46,500â ????
â ???? Keep calm and enjoy the marketsâ ????
This area of resistance was also highlighted by independent market analyst MichaÃl van de Poppe, who released The following graphic shows a rough estimate of what the BTC price development for the month of January could look like.
van de Poppe said:
This could be a very realistic scenario for Bitcoin. First test of $ 46,000, I doubt we’ll make it right now. “
After trying to escape and being rejected for $ 44,000, Poppe posted the following tweet asking for patience as the upper route will take time to develop.
Relax, keep calm and enjoy the markets.
In the last few days the mood has slowly started to change.
Still bullish in the long term but to make a big bullish move #Bitcoin and price movement must settle and accumulate.
This is that time.
to???? MichaÃl van de Poppe (@CryptoMichNL) January 13, 2022
The global market capitalization of the cryptocurrency is now $ 2.023 trillion and the dominance index of Bitcoin is 39.8%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you must do your own research when making a decision.