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.


BTC/USDT
1-day
chart.
Source:
TradingView

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.

50-day
EMA
becomes
the
new
resistance

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).


BTC/USD
1-week
chart.
Source:
Twitter

Rekt
Capital
said,

“Though
BTC
didn’t
reject
from
it
in
a
picture-perfect
manner…
The
blue
50-week
EMA
could
be
reasoned
to
figure
as
resistance
at
this
time.”

Based
on
the
chart
provided,
Bitcoin
now
faces
stiff
resistance
at
$44,825.

Whales
exert
pressure
at
$46,500

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.


Large
Bitcoin
wallet
inflows.
Source:
Twitter

Whalemap
said,

“Reclaim
of
$46,500
will
look
like
a
trend
reversal.
Whales
will
be
providing
a
bit
of
resistance
there
though.
All
eyes
on
$46,500.”

“Stay
calm
and
enjoy
the
markets”

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.


BTC/USDT
4-hour
chart.
Source:
Twitter

van
de
Poppe
said,

“This
might
be
a
very
realistic
scenario
for
Bitcoin.
First
test
of
$46K,
I
doubt
we’ll
break
through
in
one
go.”

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.

The
overall
cryptocurrency
market
cap
now
stands
at
$2.023
trillion
and
Bitcoin’s
dominance
rate
is
39.8%.

The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.com.
Every
investment
and
trading
move
involves
risk,
you
should
conduct
your
own
research
when
making
a
decision.

read original article here