Bitcoin (BTC) calmed its bullish growth after a week of gains on Jan. 15, settling just below its highest levels in 2 months.

Cryptocurrency market daily overview

Cryptocurrency marketplace daily overview. Source: Coin360

BTC steadies 12% higher

Information from Coin360 and Cointelegraph Markets showed BTC/USD hitting local highs of $viii,885 on Tuesday, before a slight retracement an area around $viii,700.

Bitcoin 7-day price chart

Bitcoin 7-24-hour interval price nautical chart. Source: Coin360

The repositioning caps a frenetic few days for the largest cryptocurrency, which cemented weekly gains of over 12% in just 5 days.

So far, January 2022 has already marked Bitcoin'south near successful starting time to the new year's day since 2022 — on Jan. 1, BTC/USD traded at $vii,150, or 25% below Tuesday'south elevation.

Now, traders actualization to be taking stock, welcoming breathing space which steadied Bitcoin's growth in line with previous predictions.

For regular Cointelegraph contributor filbfilb, the current range was suitable for the price to "cool off," nearing Bitcoin's 200-mean solar day moving average (MA).

"It would make sense to, been quite a ride and close to 200ma," he told subscribers of his Telegram channel.

Previously, beau trader Tone Vays had highlighted the 200MA as a likely cause of Bitcoin's balderdash run ceasing in the short term.

On the dorsum of a surge in Bitcoin futures and associated options trading which Cointelegraph reported on this week, overall Bitcoin trading volumes were also up, reaching their biggest daily since late October.

In an update to his twelve-month Bitcoin price forecast, filbfilb confirmed his theory that BTC/USD was nearing the finish of a reaccumulation phase, with upside more than likely to characterize the coming months.

Every bit Cointelegraph noted, others remained wary, with analyst Keith Wareing non discounting the possibility of a fresh annual low coming earlier Bitcoin's block advantage halving in May.

Controversy rises over Bitcoin SV surge

Altcoins continued to display markedly erratic behavior compared to Bitcoin on Midweek, with hard forks Bitcoin SV (BSV) and Bitcoin Cash (BCH) setting themselves autonomously from other major tokens.

The erstwhile even usurped the latter's market cap ranking on Tuesday to claim the title of fourth-largest cryptocurrency. On the back of 81% gains in the past 24 hours, multiple theories connected to circulate on social media over the ascent of BSV and its dependence on proponents Craig Wright and Calvin Ayre.

BCH also made gains, upward 17% over the aforementioned period, while the bulk of major altcoins saw growth of between 8% and xiii% on the day.

Ether (ETH), the largest altcoin, sealed 8.7% to hit $163, its highest since mid-November.

Ether 7-day price chart

Ether vii-24-hour interval price nautical chart. Source: Coin360

The overall cryptocurrency market cap was $238.9 billion, of which Bitcoin's share was 66.1%.

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