Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level.
Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.”
Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right counterparties and necessary regulations are in place, asset pools at SEBA may invest in Bitcoin at the right time. Buehler portrayed a bullish picture for Bitcoin, saying a rally to $75,000 was possible.
Will Bitcoin and most major altcoins remain range-bound in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from the 20-day exponential moving average ($44,681) on Jan. 13 indicating that bears continue to sell on rallies. The bears will now attempt to pull the price back to the strong support at $39,600.
Both moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is to the downside. If sellers sink and sustain the price below $39,600, the BTC/USDT pair could extend the decline to $30,000.
However, the bulls are unlikely to give up easily at $39,600. A strong rebound off the current level or from $39,600 will suggest accumulation at lower levels. The pair could
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