Bitcoin stays in tight range as analyst eyes potential ‘interesting week’ in BTC
- Teresa Bach
- January 17, 2022
- Altcoin News
- 0 Comments
Bitcoin (BTC) hovered near $43,000 on Jan. 17 as its “boring” price action combined with signs that the market could be stabilizing.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewLeverage comes off all-time highsData from Cointelegraph Markets Pro and TradingView showed BTC/USD staying firmly within its established trading range between $40,000 and $45,000.With few surprises expected thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed approach on focus on altcoins.Bitcoin is down a few hundred dollars! Quick, someone slot online yang sering kasih jackpot come up with a narrative for this incredible crash and spread it around the media and twitter!(This is sarcasm, nothing is happening, Bitcoin is sideways and boring)— The Wolf Of All Streets (@scottmelker) January 17, 2022
Popular analyst William Clemente, meanwhile, highlighted Bitcoin bouncing along an ascending trendline this month, this soon to approach a turning point as part of a wedge construction.”Should be an interesting week,” he forecast.Beyond spot price, data showed that market composition still employed near all-time high leverage, this only just beginning to reduce in week two of January.Such leverage prevalence previously sparked concerns that a liquidity cascade could be made all the more real, with a significant move up or down hitting traders.”The highly increased leverage ratio of Bitcoin that since some days remains at an all-time high is showing concerns that a massive volatility increase will follow up,” commentator Vince Prince warned on the day. “Technically if Bitcoin breaks the $40,000 level this will trigger a big chunk of stop-losses.”Bitcoin situs judi online24jam terpercaya leverage ratio chart. Source: CryptoQuantCardano stands out among altcoinsOn the topic of altcoins, meanwhile, some moves diverged from the flat performance seen more broadly.Related: BTC ‘likely’ to repeat Q4 2020 move — 5 things to watch in Bitcoin this weekThe top 10 cryptocurrencies by market cap were led by Cardano (ADA), which conspicuously bucked the sideways trend to post daily gains of almost 9% at the time of writing. This placed ADA/USD at a three-week high.”Crucially, the market psychology is working on ADA again,” Cointelegraph contributor Michaël van de Poppe summarized. “Last weeks the sentiment was comparable to a graveyard and expectations were that it would go south. Now, the sentiment is switching and the hype is getting back in.”ADA/USD 1-day candle chart (Coinbase). Source: TradingViewFurther down, Litecoin (LTC) managed 4.5% gains judi online in some brief respite for hodlers.$LTC / $BTCLitecoin’s friend intervened, told him life was worth living and said “think of your family.”Litecoin said “NOT TODAY” and stepped back from the ledge. Another bounce at strong support. A break of the blue resistance should send this flying. Not there yet. https://t.co/CvJtodHwNB pic.twitter.com/VOC5psrUhF— The Wolf Of All Streets (@scottmelker) January 17, 2022
“Another bounce at strong support. A break of the blue resistance should send this flying. Not there yet,” trader, analyst and podcast host Scott Melker added about the LTC/USD pair.
