Top or bottom? Traders Debating Whether Bitcoin Will Continue To Rise

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2022-01-13 23:10:12

$44,000 remains the focus overnight, but the direction is clearly moving away from the Bitcoin market and participants feel nervous.

Bitcoin (BTC) touched $44,000 for the second time on January 12 amid growing divergence of opinions on whether the price bottom is “in” or not.

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

Data from Cointelegraph Markets Pro and TradingView showed the $44,000 mark to act as local resistance on Thursday, following forecasts that $46,000 could soon return.

Bitcoin continued much higher overnight following US inflation data the previous day, but for some, now is not the time to become overconfident.

“BTC is starting to feel a bit volatile (locally), though claims are diffusing through some key resistance levels,” commented Twitter account Material Indicators as part of a recent update.

“Some bitcoin speculators may appear to break through a few levels, but the herd will have to appear to clear them all.”

Proposing a good opportunity to “reduce risk,” the Materials Index highlighted order book lines that, on Wednesday, formed the focus of a graver warning of a possible crash.

In contrast, others believe that a “price squeeze” can eventually cause prices to rise and punish traders who sell short that come later.

Meanwhile, popular trader Crypto Ed is starting to show optimism that significant lowers are disappearing.

After uploading a snapshot of the prediction chart, he argued that if BTC/USD moves higher on the day, the period will be set to build higher lows as part of a solid recovery. surer.

How long can the relief last?

A brief look at funding rates across exchanges reveals only a small overnight change, with neutral to negative values ​​dominating.

Such behavior comes in contrast to recent weeks, in which falling spot prices were met by active capital.

Bitcoin funding rate chart. Source: Coinglass

At the time of writing, BTC/USD continues to attempt to break out of the $44,000 region, buyers barring each withdrawal.

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