Bitcoin
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Bitcoin stays in tight range as analyst eyes potential interesting week in BTC


18 Jan 2022

#Bitcoin

It may be all quiet on Jan. 17 in the absence of Wall Street, but Bitcoin markets might not stay that way for long. Bitcoin (BTC) hovered near $43,000 on Jan. 17 as its "boring" price action combined with signs that the market could be stabilizing. Data 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.

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."

Cardano stands out among altcoins

On the topic of altcoins, meanwhile, some moves diverged from the flat performance seen more broadly. The 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." Further down, Litecoin (LTC) managed 4.5% gains in some brief respite for hodlers. "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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 80 $30 508.12 1.26% -1.89% $580 960 193 914 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $2 093.04 2.32% -11.39% $252 881 782 711 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998966 0.01% -0.09% $74 132 298 378 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000154 -0.02% 0.03% $52 257 397 746 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 59.6% 79 $306.44 1.60% -4.39% $50 035 144 123 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 65.6% 70 $0.439088 2.06% -15.23% $21 226 851 531 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.4% 70 $0.576828 2.14% -8.94% $19 508 461 980 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 62.4% 80 $57.33 4.48% -15.31% $19 341 508 411 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.002166 0.04% 0.04% $18 233 995 659 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 80 $0.090315 1.22% -17.60% $11 982 202 523 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 64% 77 $11.07 1.94% -3.93% $10 927 928 134 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.2% 78 $34.86 4.21% -23.49% $9 380 362 142 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.2% 80 $30 511.34 1.34% -2.03% $8 645 506 751 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 72.4% 60 $0.072411 3.63% -6.41% $7 071 146 113 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 60.4% 78 $0.000013 2.45% -24.21% $6 898 547 303 SHIB 7 days price change

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