{"id":1041,"date":"2022-01-11T20:29:32","date_gmt":"2022-01-11T20:29:32","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=1041"},"modified":"2022-01-11T20:29:33","modified_gmt":"2022-01-11T20:29:33","slug":"bitcoin-price-surges-to-43k-but-traders-warn-that-real-pain-is-due-for-altcoins","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1041","title":{"rendered":"Bitcoin price surges to $43K, but traders warn that \u2018real pain\u2019 is due for altcoins"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell slightly into the Wall Street open on Jan. 11 after the largest cryptocurrency failed to crack resistance above $42,000, but fresh comments from U.S. Federal Reserve chair Jerome Powell appear to be providing a boost to markets.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin squares off at support<\/h2>\n<p>According to Powell, the United States is likely to remain in a low-interest environment for some time, a comment that stocks and risk-on assets like cryptocurrencies seem to appreciate.<\/p>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD returning to the middle of a narrow range in which it has now spent four days.<\/p>\n<p>&#8220;Very simple, Bitcoin is still stuck in a narrow range, in which the $42.8K level couldn&#8217;t break,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe summarized to Twitter followers. <\/p>\n<p>&#8220;Overall, we&#8217;re facing support right now, which has to hold to avoid any market breakdowns.&#8221;<\/p>\n<p>Even with the current push to $43,100, the mood among traders remains cautious even with bullish on-chain indicators persisting and open interest sparking hopes of an upside &#8220;short squeeze.&#8221;<\/p>\n<p>The Crypto Fear &amp; Greed Index, fresh from multi-month lows of just 10\/100, remained firmly in &#8220;extreme fear&#8221; territory after seeing a lift from the overnight price rebound.<\/p>\n<p><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/p>\n<p>Commenting on derivatives order book action on Jan.10, Decentrader co-founder, filbfilb, said that it was too early to reduce caution.<\/p>\n<p>&#8220;Big bid fills on Binance, FTX and Bitfinex and a wicky daily candle. So maybe some relief for a bit, but I&#8217;m a bear until things materially change,&#8221; he told subscribers of his Telegram trading channel.<\/p>\n<h2>Real pain &#8220;yet to come&#8221; on altcoins<\/h2>\n<p>Equally precarious, fellow trader Pentoshi argued that altcoins were apt to form of bull trap by ticking higher before resuming their own downtrend.<\/p>\n<p><strong><em>Related:\u00a0\u2018Most bullish macro backdrop in 75 years\u2019 \u2014 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>Like filbfilb and others, Pentoshi has maintained a cool perspective on Bitcoin, and has even adopted a bearish view extending through 2022 thanks to the macro climate.<\/p>\n<p>&#8220;A lot of these alts look like they have a little bounce incoming to suck people in before a nasty leg down. Many retesting areas they already bounced off after forming parabolic rises but have huge areas below where supports were never built,&#8221; he warned Twitter followers Tuesday. <\/p>\n<p>&#8220;The real pain is yet to come.&#8221;<\/p>\n<p>Pentoshi highlighted Solana (SOL), which he said he would be interested in buying only at vastly reduced levels between $50 and $80.<\/p>\n<p>SOL\/USD traded at $140 at the time of writing, while largest altcoin Ethereum (ETH) reclaimed $3,200 as Bitcoin rose.<\/p>\n<p><em>ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-surges-to-43k-but-traders-warn-that-real-pain-is-due-for-altcoins\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell slightly into the Wall Street open on Jan. 11 after the largest cryptocurrency failed to crack resistance above $42,000, but fresh comments from U.S. Federal Reserve chair Jerome Powell appear to be providing a boost to markets. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin squares off at support According to Powell, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1041"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1041\/revisions"}],"predecessor-version":[{"id":1043,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1041\/revisions\/1043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1042"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}