Bitcoin stays in tight range as analyst eyes potential ‘interesting week’ in BTC – Cointelegraph

Bitcoin (BTC) hovered near $43,000 on Jan. 17 as "boring" price action combined with signs that the market could be stabilizing.

Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD staying firmly within its established trading range between $40,000 and $45,000.

With few surprises expected thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed approach on focus on altcoins.

Popular analyst William Clemente meanwhile highlighted Bitcoin bouncing along an ascending trendline this month, this soon to approach a turning point as part of a wedge construction.

"Should be an interesting week," he forecast.

Beyond spot price, data showed that market composition still employed near all-time high leverage, this only just beginning to reduce in week two of January.

Such leverage prevalence previously sparked concerns that a liquidity cascade could be made all the more real, with a significant move up or down hitting traders.

"The highly increased leverage ratio of Bitcoin that since some days remains at an all-time high is showing concerns that a massive volatility increase will follow up," commentator Vince Prince warned on the day.

On the topic of altcoins, meanwhile, some moves diverged from the flat performance seen more broadly.

Related:BTC likely to repeat Q4 2020 move 5 things to watch in Bitcoin this week

The top 10 cryptocurrencies by market cap were led by Cardano (ADA), which conspicuously bucked the sideways trend to post daily gains of almost 9% at the time of writing.This placed ADA/USD at a three-week high.

"Crucially, the market psychology is working on $ADA again," Cointelegraph contributor Michal van de Poppe summarized.

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

"Another bounce at strong support. A break of the blue resistance should send this flying. Not there yet," trader, analyst and podcast host Scott Melker added about the LTC/USD pair.

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Bitcoin stays in tight range as analyst eyes potential 'interesting week' in BTC - Cointelegraph