Bitcoin (BTC<\/a>) crisscrossed $47,000 on Jan. 3 as the first Wall Street trading days of 2022 got off to a modest start.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD acting in a narrow range as the week began, with traders split over short-term outcomes.<\/p>\n “It’s just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump,” popular Twitter account Galaxy summarized<\/a>. <\/p>\n “Q1 is up only. You heard it here first.”<\/p><\/blockquote>\n Such optimism was far from universal, however. For Cointelegraph contributor Micha\u00ebl van de Poppe, the time had come to look closer at altcoins than BTC.<\/p>\n “Good bounce from Ethereum and I think this one is bottomed,” he said<\/a> about the state of ETH\/USD Monday. <\/p>\n “Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100.”<\/p><\/blockquote>\n ETH\/USD was up over 2% in 24 hours at the time of writing, with BTC\/USD conversely showing no inclination to tackle even daily highs.<\/p>\n On macro markets, the S&P 500 was up a touch at the Wall Street open, amid predictions that the first half of the year would be a further boon for equities across the board thanks to the prospect of key interest rate hikes.<\/p>\n The U.S. dollar, meanwhile, saw a sudden boost on Jan. 3, with the U.S. dollar currency index (DXY) rapidly gaining \u2014 as is customary, to Bitcoin’s detriment.<\/p>\n Among Bitcoin-focused analysts, meanwhile, TechDev led calls to quash bearishness, arguing that on-chain indicators do not support a bearish thesis.<\/p>\n Related:\u00a0New year, same \u2018extreme fear\u2019 \u2014 5 things to watch in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Concerns about both the relative strength index (RSI) and moving average convergence\/divergence (MACD) pale in comparison to more fundamental indicators still yet to print a bearish outlook, he said at the weekend.<\/p>\n 4\/ <\/p>\n The 2 points are valid to point out, but I don’t focus on them as they’ve not been historically accurate at identifying macro cycle trend changes.<\/p>\n 2 that have? Macro LLs and 2W RSI floor breaks. Neither of which have happened. <\/p>\n If they do, my macro outlook will change. pic.twitter.com\/qUedP5juZ8<\/a><\/p>\n \u2014 TechDev (@TechDev_52) January 3, 2022<\/a><\/p><\/blockquote>\n With conviction remaining high and selling declining, TechDev was in good company.<\/p>\n “In case no-one noticed, we have come a long way from nerdy retail HODL’ers being the buyers of last resort,” entrepreneur Alistair Milne added<\/a>. <\/p>\n “We now have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs their head examined IMO.”\u00a0<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/a86cbaa0-08a5-4e7e-8159-e817029ba8b8.png\")
Ethereum steals the limelight<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/d1af2ca1-c500-49c1-8c30-b15afad1914e.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/26727233-ca9d-455d-a65e-0e59e0a284e8.png\")
Never mind the bearish divergence<\/h2>\n
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