Bitcoin stays in tight range as analysts eye BTC’s potential ‘interesting week’

Bitcoin (bitcoin) hovered around $43,000 on Jan. 17, as “dull” price action combined with signs that the market might be stabilizing.

Leverage falls from all-time highs

data from Cointelegraph Market Pro and Transaction view Shows BTC/USD stabilizing within an established trading range between $40,000 and $45,000.

With no surprises expected due to the Wall Street holiday, traders took the opportunity to call for a calm approach to altcoins.

Bitcoin Dropped Hundreds of Dollars! Soon, someone came up with the narrative of this incredible breakdown and it spread across the media and Twitter!

(This is sarcasm, nothing happened, bitcoin is sideways and boring)

– Wolf of All Streets (@scottmelker) January 17, 2022

Popular analyst William Clement meanwhile highlighted bitcoin’s rally this month along an uptrend line, which could soon be approaching a turning point as part of a wedge-shaped formation.

“Should be an interesting week,” he forecast.

Aside from spot prices, data shows market composition remains near record highs Leverage, which only started to decrease in the second week of January.

This leverage ratio was prevalent in the past cause concern Liquidity cascades can become more real, with sharp rises or falls hitting traders.

Commentator Vince Prince said: “Bitcoin’s leverage has risen sharply, and has been at an all-time high since some days, suggesting fears that volatility will follow suit.” warn the same day.

“Technically, if Bitcoin breaks the $40,000 level, this will trigger massive stops.”

Cardano stands out among altcoins

Meanwhile, on the topic of altcoins, some moves ran counter to a broader flat performance.

related: BTC ‘likely’ to repeat Q4 2020 move – 5 things to watch on Bitcoin this week

The top 10 cryptocurrencies by market cap are led by Cardano (have), which clearly bucked a sideways trend, posting a daily gain of nearly 9% at the time of writing. This puts ADA/USD at a three-week high.

“Critically, market psychology is working on $ADA again,” Cointelegraph contributor Michaël van de Poppe Summarize.

“Sentiment last week was like a cemetery in anticipation of it heading south. Now, the mood is shifting and the hype is back.”

Further down, Litecoin (LTC) managed a 4.5% gain for hodlers in a brief respite.

$LTC / $Bitcoin

The Litecoin friend stepped in, telling him that life is worth it and saying “think about your family”.

Litecoin says “not today” and backs off the ledge.

Rebounded again under strong support. A breakout of the blue resistance should send this flying. Not yet. https://t.co/CvJtodHwNB pic.twitter.com/VOC5psrUhF

– Wolf of All Streets (@scottmelker) January 17, 2022

“Bounce again on strong support. A breakout of blue resistance should drive that. Not yet,” added trader, analyst and podcast host Scott Melker of the LTC/USD pair.