{"id":975,"date":"2022-01-09T05:12:14","date_gmt":"2022-01-09T05:12:14","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=975"},"modified":"2022-01-09T05:12:14","modified_gmt":"2022-01-09T05:12:14","slug":"bitcoin-clings-to-42k-as-key-moving-average-break-from-july-reappears","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=975","title":{"rendered":"Bitcoin clings to $42K as key moving average break from July reappears"},"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) consolidated above $42,000 prior to Wall Street&#8217;s opening bell on Jan. 7 as more similarities to last year&#8217;s lows emerged.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC &#8220;very closely&#8221; mimicking May behavior<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0tracked a nervous Bitcoin market as BTC\/USD avoided another retest of $40,000 support.<\/p>\n<p>Earlier, after briefly falling below $41,000, analysts had warned that a further capitulation event may occur, this having the potential to bring the pair down to $30,000 or even lower.<\/p>\n<p>That figure rings true for market participants, having formed the bottom of a protracted capitulation which lasted from May to July last year.<\/p>\n<p>Then, as now, the\u00a0miner upheaval combined with macroeconomic factors to temporarily take the momentum out of the Bitcoin bull market.<\/p>\n<p>&#8220;BTC is following May 2021 very closely,&#8221; trader and analyst Rekt Capital noted in a series of tweets on current price action.<\/p>\n<p>He noted that as of Friday, BTC\/USD was performing a break of the 50-week exponential moving average (EMA) \u2014 just like the mid-July move which formed the bottom of that capitulation phase. The 50-week EMA sat at $45,000 on the day.<\/p>\n<p lang=\"en\" dir=\"ltr\">The #BTC capitulation event below the blue 50-week EMA is in progress$BTC #Crypto #Bitcoin pic.twitter.com\/KGvl2ogbGO<\/p>\n<p>\u2014 Rekt Capital (@rektcapital) January 7, 2022<\/p>\n<p>Cointelegraph contributor Micha\u00ebl van de Poppe meanwhile noted the differences between the two phases.<\/p>\n<p>A &#8220;swift correction south&#8221; this time around means that prolonged sideways movement and breakout to the upside from 2021 does not overall characterize the current market.<\/p>\n<p>&#8220;The $46,000 level remains a very important one to watch. If that one breaks, I think the entire bear market is over or the entire correction is over and we&#8217;re looking for upwards potential,&#8221; he said during his latest YouTube update.<\/p>\n<h2>Ethereum has trader planning $2,200 buy-in<\/h2>\n<p>Altcoins also saw trouble on the day, following warnings that any strong moves previously were likely a red flag \u2014 a bull trap.<\/p>\n<p><strong><em>Related:\u00a0\u2018Dip,\u2019 \u2018Buy\u2019 and \u2018Fed\u2019 top trending topics on social media, per survey<\/em><\/strong><\/p>\n<p>Ether (ETH), the largest altcoin by market cap, traded down 4.5% at the time of writing to near $3,000 \u2014 down $700 in a week.<\/p>\n<p><em>ETH\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>Some in the top ten cryptocurrencies by market cap escaped the downtrend, with Cardano (ADA) up 1.2% at $1.23 and Ripple (XRP) flat.<\/p>\n<p>A still highly cautious Pentoshi identified levels as low as $2,200 for buying ETH, expecting it to hit at &#8220;some point this year.&#8221;<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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-stabilizes-at-42k-as-key-moving-average-break-from-july-reappears\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) consolidated above $42,000 prior to Wall Street&#8217;s opening bell on Jan. 7 as more similarities to last year&#8217;s lows emerged. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC &#8220;very closely&#8221; mimicking May behavior Data from Cointelegraph Markets Pro and TradingView\u00a0tracked a nervous Bitcoin market as BTC\/USD avoided another retest of $40,000 support. Earlier, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-975","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\/975","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=975"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/975\/revisions"}],"predecessor-version":[{"id":977,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/975\/revisions\/977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/976"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}