Traders Are Split on Whether Bitcoin Will Continue Rising
Overnight, the price value of Bitcoin (BTC) at $44,000 remains a focus. In addition, Bitcoin (BTC) markets are struggling to find a clear direction, and participants are apprehensive.
On the 12th of January, Bitcoin (BTC) reached $44,000 for the second time this week. This price change has incited a lot of discussions about whether the price bottom is ‘in.’
Following speculations that the price of $46,000 might return shortly, data from Cointelegraph Markets Pro and TradingView showed the $44,000 mark working as local resistance on Thursday.
Looking at the previous day’s US inflation figures, Bitcoin remained broadly higher overnight, but several cautioned that now was not the time to be overconfident.
In a recent tweet, Material Indicators noted questions spread through some important resistance levels as Bitcoin (BTC) remains local.
— Material Indicators (@MI_Algos) January 12, 2022
Accordingly, Material Indicators emphasized order book flux. This order book indicates a serious warning about a probable upcoming crash on Wednesday, implying an opportunity to minimize risk. On the other hand, others thought that price congestion would eventually be to the upside, harming latecomer short traders.
Furthermore, the famous trader Crypto Ed expresses positivity that the substantially lower levels will be gone for good.
He stated that if BTC/USD ground higher on the day, the stage would prepare for a higher low construction as part of a more substantial recovery. He also provided a predictive chart snapshot regarding this theme.
— Crypto_Ed_NL (@Crypto_Ed_NL) January 13, 2022
Is the relief going to last long?
A quick examination of financing rates across exchanges revealed only a minor shift overnight, with predominating neutral to negative values. This is in stark contrast to prior weeks when a falling spot price was met with positive funding.
BTC/USD was attempting a breakout of the $44,000 zone at the time of publishing, but buyers were stopping each dip.
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