Bitcoin (BTC) and most major cryptocurrencies face sales at higher levels and buy to fall, suggesting that a range may be formed. Network analytics firm Whalemap said “a $ 46,500 retracement would look like a trend reversal” for Bitcoin, where the previous 90,000 BTC rise was at that level.

In its annual report, Fidelity Digital Assets states that “Bitcoin’s massive accumulation of bitcoin by bitcoin miners indicates that the ‘bitcoin cycle is not over yet.'” Contact the central bank. He’s making an acquisition. ”

Daily indicators for the cryptocurrency market. Source: Coin360
Guido Buhler, CEO of Swiss-based SEBA, said in a recent interview that if the right counterparties and the necessary rules are in place, SEBA’s asset pools can eventually invest in bitcoin. Buhler painted a bullish picture for bitcoin, saying a transition to $ 75,000 is possible.

Will Bitcoin and most major cryptocurrencies remain short-lived? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.

Bitcoin / US dollar
Bitcoin fell from the 20-day exponential moving average (EMA) of $ 44,681 on January 13, indicating that the bears continue to sell at the rally. The Bears will now try to bring the price back to the strong support of $ 39,600.

BTC / USDT daily chart. Source: Trading View
Both the moving averages and the Relative Strength Index (RSI) are sloping downwards, indicating that the path to least resistance is down. If sellers fall and keep the price below $ 39,600, BTC / USDT may continue to fall to $ 30,000.

However, the bulls are unlikely to give up easily at $ 39,600. A strong rise from the current level or from $ 39,600 indicates accumulation at lower levels. The pair can then remain interval-bound from $ 39,600 to $ 45,456 for several days.

A break and closing above $ 45,456 will be the first sign that the correction may be over. The pair can then move north towards $ 52,088.

Ether / US dollars
Ether (ETH), which jumped off the January 10 falling channel support line, failed to even reach the 20-day moving average ($ 3,485), indicating that demand is drying up at higher levels.

Daily ETH / USDT chart. Source: Trading View
The moving averages are sloping and the RSI is below 40, indicating that the bears are in control. Now the sellers will try to pull the price up to the area between the psychological level of 3000 dollars and the channel support line. A break and close below $ 2,652 signals the start of the next phase of the downtrend.

Conversely, if the price rises above the current level, the bulls will make another attempt to push the ETH / USDT pair above the 20-day moving average. If successful, the pair can rise to the channel resistance line and then to the 50-day simple moving average (SMA) ($ 3,893). The bulls must push the price and keep it above this level to signal that the downtrend may end.

BNB / US Dollar
The Binance coin (BNB) faces strong resistance on the 20-day moving average ($ 487), but the small upside is that the bulls have not given up much terrain. This indicates that traders are not in a hurry to get out.

BNB / USDT daily chart. Source: Trading View
If the price breaks above the 20-day EMA, the bulls will try to remove the upper barrier on the downtrend line. If they succeed, the BNB / USDT pair will signal a possible trend change. The couple can then try to go up to $ 617.

Conversely, if the price falls from the 20-day moving average or the downtrend line, this will mean that the bears sell at the rally. This couple can be stuck inside the canal for a few more days.

Source: CoinTelegraph