Top or bottom? Traders at odds over whether Bitcoin will keep rising

Bitcoin
(BTC)
touched
$44,000
a
second
time
on
Jan.
12
amid
increasing
divergence
of
opinion
about
whether
the
price
bottom
is
“in.” 


BTC/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

Data
from

Cointelegraph
Markets
Pro

and

TradingView
 showed
the
$44,000
mark
acting
as
local
resistance
Thursday,
following
forecasts
that

$46,000
could
soon
return
.

Bitcoin
stayed
broadly
higher
overnight
following
the
previous
day’s
United
States
inflation
data,
but
for
some,
now
was
not
the
time
to
become
overly
confident.

“BTC
starting
to
feel
a
little
toppy
(local),
although
asks
are
diffused
through
some
key
resistance
levels,”
Twitter
account
Material
Indicators commented as
part
of
a
recent
update.

“Some
bitcoin
bulls
may
show
up
to
clear
a
few
levels,
but
the
whole
herd
is
going
to
have
to
show
up
to
clear
them
all.” 

Suggesting
a
good
opportunity
to
“de-risk,”
Material
Indicators
highlighted
order
book
flux,
which,
on
Wednesday,
had
formed
the
focus
of
a
graver
warning
about
a
possible
incoming
crash.

By
contrast,
others
believed
that
a
price
“squeeze”
may
ultimately
be
to
the upside
and
punish
latecomer
short
traders
.

Popular
trader
Crypto
Ed,
meanwhile,
began
to
show
optimism
over
significantly
lower
levels
being
gone
for
good.

Having
uploaded
a
predictive
chart
snapshot,
he
argued
that
should
BTC/USD
grind
higher
on
the
day,
the
stage
would
be
set
for
a
higher
low
construction
as
part
of
a
more
solid
recovery.

How
long
can
the
relief
last?

A
brief
look
at

funding
rates

across
exchanges
revealed
only
a
slight
change
overnight,
with
neutral
to
negative
values
dominating. 



Related: Traders
say
Bitcoin
run
to
$44K
may
be
a
relief
bounce,
citing
a
repeat
of
December’s
‘nuke’

Such
behavior
runs
in
contrast
to
recent
weeks,
in
which
a
declining
spot
price
was
met
by
positive
funding.


Bitcoin
funding
rates
chart.
Source:
Coinglass

At
the
time
of
writing,
BTC/USD
continued
to
attempt
a
breakout
of
the
$44,000
zone,
buyers
preventing
each
drawdown.

read original article here