There was a lot of hype surrounding the Spot Bitcoin (BTC) Exchange Traded Fund (ETF), but traders may have decided to take profits as regulatory approvals did not provide any upside. As a result, the price plummeted to $41,500.
Some analysts have turned bearish and are predicting a target for Bitcoin below $25,000. Anything can happen in the market, but levels around $38,000 could attract long-term investors who will be watching for the Bitcoin halving and institutional inflows into Spot Bitcoin ETFs in the coming weeks. expensive.
Bloomberg ETF analyst Eric Balchunas wrote in a January 13 post on・Trust (GBTC) stated that there was an outflow of $579 million. Still, the ETF overall had net inflows of $819 million over the two trading sessions.
Could inflows into Bitcoin ETFs reverse the decline in Bitcoin and altcoins? Let's take a look at the chart of the top 5 cryptocurrencies that are likely to outperform in the short term.
Bitcoin price analysis
Bitcoin has been a hot topic in recent days. The price decline began on January 12th, as short-term traders may have booked profits as the price failed to sustain above $48,000.
Bulls and bears are facing a tough battle near the support line of the ascending triangle pattern. Although buyers managed to defend the support line on a closing price basis, they were unable to initiate a meaningful recovery. This suggests that the bears are maintaining pressure.
The 20-day exponential moving average ($43,933) has begun to decline, and the Relative Strength Index (RSI) is just below the midpoint, indicating that the bears are attempting a comeback.
If the price falls below the triangle, the BTC/USDT pair could fall to $40,000 and then $37,980. Buyers would need to push the price above $44,700 to regain control.
The 20-EMA has fallen on the 4-hour chart and the RSI is in negative territory, indicating that the bears have the upper hand. If the price falls below $42,000, selling could accelerate, leading to a sharp fall to $41,500 and then $40,000.
If the bulls want to prevent the downside, they will need to push the price above the 20-EMA. This would pave the way for a rally to $44,700, which remains a key overhead resistance for the bulls to overcome.
Internet computer price analysis
Internet Computer (ICP) bounced off the 20-day EMA ($12.11) on January 8th and has rebounded again on January 13th, indicating that the bulls are fiercely defending this level.
An upward trend in the moving averages indicates an advantage for buyers, while a negative divergence in the RSI suggests that the bullish momentum may be slowing. A breakout and close above $14.21 could open the door to retest the $16.30 high. If this level clears, the next stop could be at $18.
The 20-day EMA remains an important support to watch on the downside. Once we break out of this level, the odds will shift in favor of the bears. After that, the ICP/USDT pair could fall to $9.36.
The pair has been consolidating between $12 and $14 for some time. This suggests some indecision between bulls and bears. If buyers push the price above $14, the price could accelerate towards $16.30.
Conversely, if the price falls below the moving average, it suggests that the bears are rallying and selling. Thereafter, the price is likely to retest support at $12. A break below this level opens the door for a slide to $10.
Celestia price analysis
Celestia (TIA) has been in a strong uptrend for the past few days, and you can see that it is being bought on every small push.
There is some psychological resistance at $20 and the TIA/USDT pair could bounce back. If buyers do not allow the price to fall below $17.29, it will indicate that the bulls are trying to flip that level into support. This will increase the chances of it breaking above $20. After that, the pair could rise to $25.
Conversely, if the price drops sharply and drops below $17.29, it would suggest that traders are actively booking profits. Thereafter, the bears will sense an opportunity and try to pull the pair towards the 20-day EMA ($14.89).
The pair gained momentum after breaking out of the resistance at $17.29. Therefore, this remains an important level to watch on the downside. Any pullback is likely to be supported at the 20-EMA.
If the price rebounds from the 20-EMA, sentiment will remain positive and it would suggest that traders are buying on the dip. The pair could then start the next leg of the uptrend towards $23. If the bears can pull the pair below $17.29, it will be beneficial in the short term. The next support is the 50-SMA.
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mantle price analysis
Mantle (MNT) broke out of an ascending channel pattern on January 10th and rebounded sharply to $0.85 on January 11th, but the long wick of the candlestick on that day indicates profit taking at higher levels. .
The price has reached a breakout level from the channel where buyers are expected to intervene. Both moving averages are gradually rising, indicating that the bulls have the upper hand, but a negative divergence in the RSI is something to watch out for.
If the price rebounds from the breakout level from the channel, buyers will once again try to kick the MNT/USDT pair to $0.85. This level is likely to be a major hurdle, but if crossed it could send the price soaring to $1.
The bulls tried to delay the correction at the 20-EMA, but the bears had other plans. They sold the rebound near $0.78, pushing the price down to the 50-SMA. Any attempt at recovery will likely face selling at the 20-EMA. The bulls will need to push the price above the immediate resistance zone between the 20-EMA and $0.78 to show strength.
Instead, if the price continues to fall and falls below the 50-SMA, it would indicate that the uptrend may be over. Thereafter, the pair risks falling to $0.65 and ultimately $0.58.
Sei price analysis
SEI (SEI) has formed a symmetrical triangle pattern, showing indecision between bulls and bears.
Symmetrical triangles usually behave as a continuation pattern, but in rare cases they may behave as a reversal pattern.
A rising 20-day EMA ($0.64) and positive RSI indicate that buyers have the upper hand. If the bulls push the price above the resistance line, it will signal a resumption of the uptrend. The pattern target for this setup is $1.10.
This positive view will be invalidated if the SEI/USDT pair continues its decline and breaks below the triangle. This would signal a potential trend change and the start of a deeper correction towards the 50-day SMA ($0.43).
The moving averages are flattening and the RSI is near the midpoint, indicating that supply and demand are in balance. The direction of a breakout from the triangle is difficult to predict. Therefore, it is better to wait for the price to move above or below the triangle before starting to bet large amounts.
If the price remains above the moving average, the bulls will try to push the pair towards the resistance line. On the other hand, if the price falls below the moving average, the pair may fall to the support line.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
