Bitcoin (BTC<\/a>) hovered near $43,000 on Jan. 17 as its “boring” price action combined with signs that the market could be stabilizing.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD staying firmly within its established trading range between $40,000 and $45,000.<\/p>\n With few surprises expected thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed approach on focus on altcoins.<\/p>\n Bitcoin is down a few hundred dollars! Quick, someone come up with a narrative for this incredible crash and spread it around the media and twitter!<\/p>\n (This is sarcasm, nothing is happening, Bitcoin is sideways and boring)<\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) January 17, 2022<\/a><\/p><\/blockquote>\n Popular analyst William Clemente, meanwhile, highlighted Bitcoin bouncing along an ascending trendline this month, this soon to approach a turning point as part of a wedge construction.<\/p>\n “Should be an interesting week,” he forecast<\/a>.<\/p>\n Beyond spot price, data showed<\/a> that market composition still employed near all-time high leverage, this only just beginning to reduce in week two of January.<\/p>\n Such leverage prevalence previously sparked concerns that a liquidity cascade<\/a> could be made all the more real, with a significant move up or down hitting traders.<\/p>\n “The highly increased leverage ratio of Bitcoin that since some days remains at an all-time high is showing concerns that a massive volatility increase will follow up,” commentator Vince Prince warned<\/a> on the day. <\/p>\n “Technically if Bitcoin breaks the $40,000 level this will trigger a big chunk of stop-losses.”<\/p><\/blockquote>\n On the topic of altcoins, meanwhile, some moves diverged from the flat performance seen more broadly.<\/p>\n Related:\u00a0BTC \u2018likely\u2019 to repeat Q4 2020 move \u2014 5 things to watch in Bitcoin this week<\/a><\/em><\/strong><\/p>\n The top 10 cryptocurrencies by market cap were led by Cardano (ADA<\/a>), which conspicuously bucked the sideways trend to post daily gains of almost 9% at the time of writing.\u00a0This placed ADA\/USD at a three-week high.<\/p>\n “Crucially, the market psychology is working on ADA again,” Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>. <\/p>\n “Last weeks the sentiment was comparable to a graveyard and expectations were that it would go south. Now, the sentiment is switching and the hype is getting back in.”<\/p><\/blockquote>\n Further down, Litecoin (LTC<\/a>) managed 4.5% gains in some brief respite for hodlers.<\/p>\n $LTC<\/a> \/ $BTC<\/a><\/p>\n Litecoin’s friend intervened, told him life was worth living and said “think of your family.”<\/p>\n Litecoin said “NOT TODAY” and stepped back from the ledge. <\/p>\n Another bounce at strong support. A break of the blue resistance should send this flying. Not there yet. https:\/\/t.co\/CvJtodHwNB<\/a> pic.twitter.com\/VOC5psrUhF<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) January 17, 2022<\/a><\/p><\/blockquote>\n “Another bounce at strong support. A break of the blue resistance should send this flying. Not there yet,” trader, analyst and podcast host Scott Melker added about the LTC\/USD pair.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/fde27ada-11f3-409f-a9d8-b55362deba9b.png\")
Leverage comes off all-time highs<\/h2>\n
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Cardano stands out among altcoins<\/h2>\n
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