Bitcoin (BTC) entered the Christmas vacation interval unchanged at $16,800 as an eerie lack of volatility persevered. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Hopeful price goal sees Bitcoin at $17,400 

Data from Cointelegraph Markets Pro and TradingView confirmed one other day of an nearly imperceptible vary for BTC/USD slightly below $17,000.

The pair had struggled to escape regardless of a number of potential catalysts coming from United States financial knowledge prints.

With the vacation season forward, a Santa rally appeared unlikely, whereas an absence of great occasions to come additional diminished the possibilities of flash volatility.

In weekend evaluation, nevertheless, Michaël van de Poppe, founder and CEO of buying and selling agency Eight, nonetheless reiterated the potential of a step larger to close to $17,500 ought to present levels maintain.

“Bitcoin still holding levels here as we flipped $16.750 for support,” he informed Twitter followers.

“If that holds (and no sharp fall to $16.4K), I think we’ll still be able to see continuation to the upside to $17.4k.”BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Popular analytics account On-Chain College in the meantime launched a listing of key levels to watch within the quick time period, with most of those to the draw back.

They included realized price — the combination price at which the BTC provide final moved — together with balanced price, which expresses the distinction between realized price and present spot price. The two tallies got here in at $19,900 and $15,250, respectively on Dec. 23.

BTC/USD annotated chart. Source: On-Chain College/ Twitter

Fellow dealer Crypto Poseidon conversely suggested potential consumers to avoid the present vary altogether.

“Whatever the reason, long-term purchases under $19k will waste a lot of time,” he commented on the weekly chart.

“There is 2 particular spot buy levels; above 19k or sub 12k.”

Woo: Bear market might not outlast 2015

Eyeing the place the present bearish development may finish, in the meantime, Willy Woo, creator of on-chain analytics useful resource Woobull, had some potential excellent news for long-term holders (LTHs).

Related: Bitcoin low quantity sparks BTC price warning as metric hits ‘value zone’

Bitcoin’s bear market may doubtlessly finish earlier than turning into its longest ever, he argued on the day, likening this yr’s occasions to these of 2013.

“The main question I have is how long this cycle’s accumulation zone will be,” he tweeted.

“Judging from all the blow ups, it’s more akin to 2013 with the MtGox collapse (Remember 90%+ of BTC was traded there). I suspect it will be longer than 2018 but shorter than 2015.”

An accompanying chart confirmed the fee foundation of LTHs — outlined as entities hodling cash for 155 days or longer — and short-term holders (STHs), respectively.

BTC/USD value foundation annotated chart. Source: Willy Woo/ Twitter

The “premium” which ends up from LTH value foundation rising larger than STH value foundation has traditionally chimed with macro BTC price bottoming durations.

The views, ideas and opinions expressed listed below are the authors’ alone and don’t essentially replicate or symbolize the views and opinions of Cointelegraph.


Please enter your comment!
Please enter your name here