Bitcoin (BTC) approached near $43,000 on Jan. 17 as its “boring” price action mixed with signs that the market could be stabilizing.
Data from Cointelegraph Markets Pro and TradingView conducted BTC/USD staying firmly within its selected trading range between $40,000 and $45,000.
With few surprises anticipated thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed strategy on focus on altcoins.
Meanwhile, Popular analyst William Clemente emphasized Bitcoin bouncing along an ascending trendline this month, soon becoming a turning point as part of a wedge construction.
He forecast that it should be an exciting week.
Beyond spot price, data indicated that market composition still employed all-time high leverage. This is only just starting to reduce in week two of January.
Such leverage prevalence earlier sparked worries that a liquidity cascade could be made all the more objective, with a significant move up or down hitting traders.
Commentator Vince Prince warned on the day that the highly increased leverage ratio of Bitcoin that since some days stays at an all-time high is showing problems that a massive volatility increase will follow up.
Cardano Stands out Among Altcoins
Meanwhile, on the topic of altcoins, some moves separated from the flat performance are seen more broadly.
The top 10 cryptocurrencies by market cap were conducted by Cardano (ADA), which conspicuously bucked the sideways trend to publish daily gains of nearly 9% at the time of writing. This placed ADA/USD at a three-week high.
Cointelegraph contributor Michaël van de Poppe summarized that crucially, the market psychology is working on ADA again.
