Bitcoin holds in a tight range as analysts see a potential “interesting week” for BTC

Bitcoin (BTC) fluctuated around $43,000 on Jan. 17 as “boring” price action coupled with signs that the market may be stabilizing.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Leverage breaks from all-time highs

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair remained firmly within its established trading range of $40,000-$45,000.

With few surprises in store thanks to the Wall Street holiday, traders took the opportunity to call for a no-nonsense approach to altcoin targeting.

Bitcoin is down a few hundred dollars! Quick, someone come up with a narrative for this incredible accident and spread it in the media and on Twitter!

(This is sarcasm, nothing happens, bitcoin is sideways and boring)

Bitcoin holds in a tight range as analysts see a potential “interesting week” for BTC
Bitcoin holds in a tight range as analysts see a potential “interesting week” for BTC

Meanwhile, popular analyst William Clemente noted that Bitcoin has been bouncing along an ascending trendline this month and is soon approaching an inflection point as part of a wedge build-up.

“Should be an interesting week” forecast.

Beyond the spot rate, the data showed that the composition of the market was still leveraging near the all-time high, which only began to decline in the second week of January.

Such proliferation of leverage has previously raised concerns that a liquidity cascade could become even more real, with a significant move up or down potentially affecting traders.

“Bitcoin’s sharply increased leverage ratio, which has been at an all-time high for several days, shows concern that a massive spike in volatility will follow.” warned Commentator Vince Prince on that day.

“Technically, if Bitcoin breaks $40,000, it will trigger a large number of stop losses.”

Bitcoin leverage ratio chart. Source: CryptoQuant

Cardano stands out among altcoins

Meanwhile, on the topic of altcoins, a few steps deviated from the flat performance seen in a broader sense.

The top 10 cryptocurrencies by market cap were led by Cardano (ADA), which clearly bucked the sideways trend and is posting daily gains of almost 9% at the time of writing. This took the ADA/USD pair to a three-week high.

“Crucially, market psychology is back at work at $ADA,” summarized Cointelegraph contributor Michaël van de Poppe.

“For the last few weeks the mood has been graveyard like and the expectation was that things would go down. Now the mood is changing and the hype is coming back.”

ADA/USD (Coinbase) 1-day candlestick chart. Source: TradingView

Below, Litecoin (LTC) rallied 4.5% in a brief respite for Hodler.

“Another bounce off strong support. A break of blue resistance should fly. Not yet,” added LTC/USD trader, analyst and podcast host Scott Melker.

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