Analysts expect turbulent Bitcoin price until $46,500 flips to support
The exhilaration of Bitcoin (BTC) achieving its greatest level in a week was immediately foiled by a pullback that pushed the cryptocurrency back into the mid-$45,000 region on Jan. 13.
Bears gained control of the Bitcoin market after reaching an intraday high of $44,500, hammering the price to a low of $42,315 while the wider world financial markets also saw a substantial sell-off, according to data.
Here’s what a few cryptocurrency analysts had to say about the price activity on January 13 and what levels traders should keep an eye on.
50-day EMA becomes the new resistance
Crypto analysts and anonymous Twitter users gave an analysis of Bitcoin’s weekly price movement, which included the following chart focusing on BTC’s performance around the 50-day exponential moving average (EMA).
According to experts, “Although BTC didn’t reject it in the most picture-perfect way… At this moment, the blue 50-week EMA might be considered resistance.”
According to the chart, Bitcoin is currently facing significant resistance at $44,825.
Whales exert pressure at $46,500
On-chain analysis business Whalemap produced the chart demonstrating substantial accumulation at the present price level, as well as the earlier accumulation of 90,000 BTC around the $46,500 price level when it comes to where Bitcoin whales have been making an impact.
According to Whalemap, “A $46,500 reclaim will appear to be a trend reversal. However, whales will provide some resistance in that area. “Everyone’s eyes are on $46,500.”
“Stay calm and enjoy the markets”
Independent market expert Michal van de Poppe also called attention to this level of resistance, posting the chart below, which shows a preliminary projection of what BTC price movement would look like in January.
According to van de Poppe, This might be a very feasible Bitcoin situation. I doubt we’ll breakthrough on the first try at $46K.”
Following the failed breakout attempt at $44,000, Poppe tweeted the following message, urging patience as the path upward takes time to unfold.