Bitcoin
BTC$22 855.29

-3.86%

Ethereum
ETH$1 571.05

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Tether
USDT$1.000106

0%

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USD Coin
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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 64.8% 78 $22 855.29 -3.86% -0.53% $440 592 629 611 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.2% 83 $1 571.05 -4.53% -3.62% $192 254 948 671 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000106 0% -0.01% $67 818 518 303 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 62 $307.09 -3.92% 0.39% $48 489 817 539 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000146 0.02% 0.02% $42 719 163 166 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 66% 65 $0.392404 -6.64% -7.29% $19 935 533 079 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000168 0% 0.01% $15 734 836 580 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64% 72 $0.371921 -6.16% -1.30% $12 866 103 968 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 64 $0.089441 -1.18% 0.71% $11 866 270 466 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 67.2% 74 $1.092517 -6.94% 9.99% $9 542 387 704 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 56.4% 94 $23.92 -8.74% -1.24% $8 889 597 245 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 58.8% 81 $6.21 -6.54% -5.75% $7 150 468 683 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 69.6% 55 $93.29 -1.81% 3.12% $6 732 701 641 LTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.4% 80 $0.000012 -4.57% -3.85% $6 339 026 139 SHIB 7 days price change

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