Topped or bottomed? Traders at odds over whether Bitcoin will keep rising

Topped or bottomed? Traders at odds over whether Bitcoin will keep rising


Bitcoin (BTC) touched $44,000 a second time on Jan. 12 amid increasing divergence of opinion about whether the price bottom is “in.” 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed the $44,000 mark acting as local resistance Thursday, following forecasts that $46,000 could soon return.

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Bitcoin stayed broadly higher overnight following the previous day’s United States inflation data, but for some, now was not the time to become overly confident.

“BTC starting to feel a little toppy (local), although asks are diffused through some key resistance levels,” Twitter account Material Indicators commented as part of a recent update.

“Some bitcoin bulls may show up to clear a few levels, but the whole herd is going to have to show up to clear them all.” 

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