Over the last 24 hours, the crypto market has been generally bullish. Bitcoin, the market leader, has lost 0.03 percent in the last few hours due to a pullback. Meanwhile, Ethereum is up 1.22 percent, with Terra (LUNA) leading the market with a gain of almost 6%.
BTC Price Analysis
Over the previous 24 hours, BTC/USD has moved in a range of $42,669.04 – $43,346.69, exhibiting significant volatility. Trading volume has dropped by 41.41 percent to 20.5 billion dollars.
On Wednesday, BTC broke through $44,000, the next resistance level. Retracement began after some consolidation below the barrier, advancing to the $42,000 mark early on Friday.
Further downside was swiftly rebuffed, and the stock ended the day at $43,400. Bitcoin’s price consolidated overnight, with a minor bearish pressure in the morning.
The Bitcoin price temporarily retested $42,500 support on the 4-hour chart, and has spiked back to $43K level, indicating that bulls are preparing to drive the market much higher.
BTC predicted to hit $46K
Pentoshi, a well-known trader, also looked to get his wish, with BTC “sweeping” lows below $42,000 in what he had previously described as a good entry point. He went on to say that $46,000 may be next.
Another “death cross” chart structure on BTC/USD, a traditional indication warning of negative conditions, loomed huge.
Also, analysts at trading platform Decentrader remained bullish on mid-term price action, despite the possibility of another slump into the $30,000–$40,000 region.
They claimed in a market update on Jan. 14 that the two-month decline from early December was primed for disruption, and that the upside was “probable” over a cascade lower.