Jan 15, 2024 03:45 AM EST
When regulatory permission did not result in an upward advance, traders may have opted to book gains, resulting in a dramatic drop to $41,500.
Some experts have become pessimistic on Bitcoin, estimating objectives of $25,000 and below. While anything is conceivable in the markets, prices near $38,000 are expected to draw long-term investors who will be watching the Bitcoin halving and institutional inflows into spot Bitcoin ETFs in the coming weeks.
Bloomberg ETF analyst Eric Balchunas stated in an X (previously Twitter) post on January 13 that the newly established ETFs saw $1.4 billion in inflows, while the Grayscale Bitcoin Trust (GBTC) received $579 million in outflows. Nonetheless, net inflows into ETFs were $819 million in two trading days.
In the last several days, Bitcoin has been all over the place. The inability to keep the price over $48,000 may have prompted short-term traders to book gains, resulting in a dramatic drop on January 12.
The bulls and bears are engaged in a fierce struggle. Despite successfully defending the support line on a closing basis, buyers have been unable to initiate a major rebound. This indicates that the bears are keeping up the pressure.
The 20-day exponential moving average ($43,933) has begun to fall, and the relative strength index (RSI) is just below the midway, indicating that the bears are trying to make a comeback.
If the price remains below the triangle, the BTC/USDT pair may fall below $40,000, then $37,980. To reclaim ownership, buyers must raise the price above $44,700.
On a 4-hour chart, the 20-EMA has turned down, and the RSI is in negative territory, indicating that the bears have the upper hand. If the price falls below $42,000, selling may increase, and the pair may fall to $41,500 and then to $40,000.
Bulls must push the price above the 20-EMA to prevent the price from falling further. This clears the way for a rally to $44,700, the critical overhead obstacle for the bulls to overcome.
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According to current Internet Computer (ICP) price research, the ICP/USDT pair bounced off the 20-day EMA on January 8 and 13, signaling robust bull defense. Upsloping moving averages indicate a buyer's advantage, but negative RSI divergence indicates possible decreasing bullish momentum. A break and close above $14.21 might lead to a retest of the high at $16.30, while the 20-day EMA continues to be critical support.
Celestia (TIA) is on a strong advance, with a possible resistance level of $20. A stay over $17.29 might indicate bullish strength, with a target of $25. Mantle (MNT) has broken above an ascending channel, but it is now facing resistance at $0.85, with probable support at $0.78 and $0.65. Sei (SEI) forms a symmetrical triangle, and a break above the resistance line may signify a continuation of the uptrend, whilst a break below the triangle may indicate a change in trend.
The research considers important levels and technical indicators to give insights into possible price moves for each coin.
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