Market volatility reared its ugly head once again for crypto traders on Jan. 13 as the excitement of Bitcoin (BTC) hitting its highest level in a week was quickly thwarted by a correction that thrust the cryptocurrency back into the mid-$45,000 range.
Data from Cointelegraph Markets Pro and TradingView shows that after reaching an intraday high of $44,500, bears took control of the Bitcoin market and hammered the price to a low of $42,315 while the wider global financial markets also experienced a noticeable sell-off.
BTC/USDT 1-day chart. Source: TradingView
Here is what several analysts in the cryptocurrency community are saying about Jan. 13’s price action and what levels traders should keep an eye on.
50-day EMA becomes the new resistance
Analysis of Bitcoin’s weekly price movement was provided by crypto analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart focused on BTC’s performance around the 50-day exponential moving average (EMA).