Analysts predict chaotic bitcoin price to reverse to $ 46,500 in support
Market volatility resurfaced on Jan. 13 as excitement over Bitcoin’s weekly high was quickly thwarted by a correction that pushed the leading cryptocurrency back into the mid-range of $ 45,000.
Data from TradingView shows that after hitting an intraday high of $ 44,450, bears took control of the Bitcoin market, pushing the price to a low of $ 42,315, while broader global financial markets also took control of Bitcoin -Market takeovers. Experience a notable sell-off.
BTC / USDT chart 4 hours | Source: TradingView
So what do analysts in the crypto community have to say about the January 13 price action and what levels should traders be watching?
EMA 50 days or longer Away new resistance
Analyst Rekt Capital has released a chart of BTC performance around a 50-day exponential moving average (EMA) to analyze weekly Bitcoin price movements.
“While BTC has not been vehemently opposed, the blue 50-week EMA could be seen as resistance at this point.”
BTC / USD 1-week chart | Source: Rekt Capital
Based on the chart, Bitcoin is currently facing strong resistance at $ 44,825.
Whale applies pressure in $ 46,500
On the other hand, the on-chain analytics company published Whalemap diagram presents details of a large accumulation of whales at current prices as well as an earlier accumulation of 90,000 BTC around the price of $ 46,500.
“Getting back $ 46,500 would be like a turnaround. Whales will put up some resistance there. All eyes are on $ 46,500. ”
electricity to enter Bitcoin wallet big | The source: Whale card
“Calm down and enjoy the market”
This area of resistance is also highlighted by independent market analyst Michaël van de Poppe. i posted diagram The following shows a rough estimate of what January BTC price action might look like.
“This could be a very real scenario for Bitcoin. First test at $ 46,000, I doubt the price will break instantly. ”
BTC / USDT 4-hour chart | Source: Michael van de Poppe
After attempting to break out and being turned down for $ 44,000, Poppe did tweet calls for patience, as more time is needed to go to higher levels.
“Relax, calm down and enjoy the market. In the last few days psychology has slowly changed. The long-term perspective is still bullish, but for a big up move, Bitcoin and price action must be stable and cumulative. This is the present era. “
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.