Bitcoin price slips after spot ETF approval, but ICP, TIA, MNT, SEI and altcoins bounce back

A lot of hype has been built around the Bitcoin (BTC) currency, but when regulatory approval failed to lead to an upward move, traders may have decided to book profits, resulting in a sharp return to $41,500.

Some analysts have turned bearish and are issuing $25,000 and lower targets on Bitcoin. While anything can happen in the markets, levels around $38,000 are likely to attract long-term investors, who will be watching for the Bitcoin halving and institutional Bitcoin ETFs in the coming weeks.

Bloomberg ETF analyst Eric Balchunas said in a Jan. 13 post on X (formerly Twitter) that the newly launched ETFs took in $1.4 billion, while the Grayscale Bitcoin Trust (GBTC) saw $579 million in withdrawals. Still, net inflows in ETFs over two trading sessions were $819 million.

Could the flows into Bitcoin ETFs reverse the slide in Bitcoin and altcoins? Let's take a look at the top 5 cryptocurrency charts that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin has been all over the place in the past few days. The failure to hold above $48,000 may have tempted short-term traders to take profits, which started a major decline on January 12.

The bulls and bears are seeing a fierce battle near the support line of the ascending triangle pattern. Although buyers were able to defend by closing the support line, they could not initiate a meaningful recovery. This shows that the bears are maintaining their pressure.

The 20-day exponential moving average ($43,933) has started to decline, and the relative strength index (RSI) is below its midpoint, indicating that the bears are trying to make a comeback.

If the price stays below the triangle, the BTC/USDT pair may drop to $40,000 and then to $37,980. Buyers will have to shell out more than $44,700 to regain control.

The 20-EMA has rejected the 4-hour chart, and the RSI is in negative territory, indicating that the bears are dominant. If the price breaks below $42,000, selling may be triggered, and the pair may drop to $41,500 and then to $40,000.

If the bulls want to protect the lower side, they should push the price above the 20-EMA. That clears the rally to $44,700, which is critical profit protection for the bulls to win.

Internet computer cost analysis

The Internet Computer (ICP) 20-day EMA ($12.11) on January 8th and again on January 13th shows that the bulls will defend the level strongly.

The upward moving averages indicate gains for buyers, but a negative divergence on the RSI suggests that momentum may be slowing. A break and close above $14.21 could open the door to a retest to the $16.30 high. If this level clears, the next stop could be $18.

The 20-day EMA is a crucial support to watch out for on the downside. If this step is taken, the advantage is tilted in favor of the bears. The ICP/USDT pair may drop to $9.36.

The pair has been consolidating between $12 and $14 for some time. This indicates a conflict between bulls and bears. If buyers push the price above $14, the pair could accelerate to $16.30.

Conversely, if the price is below the moving average, it suggests that the bears are selling in rallies. The price may retest the support at $12. A break below this level opens the doors to a $10 slide.

Celestial value analysis

Celestia (TIA) has been in strong growth for several days, which indicates that every small pot is being bought.

There is a slight psychological resistance at $20 where the TIA/USDT pair can pull back. If buyers do not allow the price to slide below $17.29, it shows that the bulls are trying to flip the level to support. That improves vacation time by over $20. The pair can then go up to $25.

On the other hand, if the price declines significantly and falls below $17.29, it indicates that traders are taking significant profits. The bears will recognize the opportunity and try to tie the pair to the 20-day EMA ($14.89).

The pair picked up momentum after breaking above the $17.29 resistance. So this remains a key level to watch on the downside. Any pullback could find support at the 20-EMA.

If the price bounces back from the 20-EMA, the sentiment remains positive and suggests that traders are buying dips. The pair may initiate the next high level towards $23. Short-term gains favor the bears if the pair takes the pair below $17.29. The next support is at the 50-SMA.

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Mantle price analysis

Mantle (MNT) broke above the channel pattern on Jan. 10 and rallied quickly to $0.85 on Jan. 11, but the long wick on the day's candlestick suggests profit booking at a higher level.

Price has reached the exit point of the channel, buyers are expected to move in. Both moving averages are gradually increasing, this indicates that the bulls are dominant, but the negative divergence on the RSI calls for caution.

If the price recovers the breakout level from the channel, the buyers will try to hit the MNT/USDT pair towards $0.85. This level can be seen as a major hurdle, but if crossed, the pair can rise to $1.

The bulls tried to stop the correction at the 20-EMA, but the bears had other plans. They sold the bond to $0.78 and pulled the price down to the 50-SMA. Any retracement attempt is likely to encounter selling at the 20-EMA. The bulls need to break above the resistance zone between the 20-EMA and $0.78 to signal strength.

Instead, if the price continues lower and breaks below the 50-SMA, it indicates that the uptrend may be over. The pair risks falling to $0.65 and eventually $0.58.

Sei price analysis

The SEI has created a symmetrical triangle pattern that indicates a conflict between bulls and bears.

Generally, a symmetrical triangle works as a continuation pattern, but occasionally, it can show up as a reversal pattern.

The rising 20-day EMA ($0.64) and the RSI in the positive zone indicate that buyers have an edge. If the bulls put the price above the protection line, it indicates the resumption of the rise. The pattern target for this setup is $1.10.

If the SEI/USDT pair continues lower and falls below the triangle, this positive outlook will be cancelled. That signals a trend reversal and the start of a deep correction at the 50-day SMA ($0.43).

The moving averages are flat, and the RSI is close to the midpoint, indicating a balance between supply and demand. It is difficult to predict the direction of the key from the triangle. Therefore, it is better to wait for the price to rise above or fall below the triangle before starting a big bet.

If the price stays above the moving averages, the bulls will try to push the pair to the resistance line. On the other hand, if the price falls below the moving averages, the pair may descend towards the support line.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.