Analysts expect turbulent Bitcoin price until $46,500 flips to support
Market volatility reared its ugly head once again for crypto traders on Jan. 13 as the excitement of Bitcoin (BTC) hitting its highest level in a week was quickly thwarted by a correction that thrust the cryptocurrency back into the mid-$45,000 range.
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 hammered the price to a low of $42,315 while the wider global financial markets also experienced a noticeable sell-off.
Here is what several analysts in the cryptocurrency community are saying about Jan. 13’s price action and what levels traders should keep an eye on.
Analysis of Bitcoin's weekly price movement was provided by crypto analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart focused on BTC's performance around the 50-day exponential moving average (EMA).
Rekt Capital said,
Based on the chart provided, Bitcoin now faces stiff resistance at $44,825.
When it comes to where Bitcoin whales have been making a splash, on-chain analysis firm Whalemap posted the following chart detailing heavy accumulation at the current price level, as well as the previous accumulation of 90,000 BTC around the $46,500 price level.
Whalemap said,
This area of resistance was also highlighted by independent market analyst Michaël van de Poppe, who posted the following chart showing a rough estimate of what the BTC price action might look like for the month of January.
van de Poppe said,
Following the breakout attempt and the rejection at $44,000, Poppe posted the following tweet calling for patience as the route higher will take time to unfold.
Relax, stay calm and enjoy the markets. Last days sentiment slowly
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