Market Analysis

Analysts expect turbulent Bitcoin price until $46,500 flips to support

Traders say “stay calm” but also expect further whipsaws in BTC price until $46,500 flips to support and marks a higher time frame trend reversal.

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.

Analysts expect turbulent Bitcoin price until $46,500 flips to support

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).

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Analysts expect turbulent Bitcoin price until $46,500 flips to support

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said,

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.

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