Bitcoin (BTC) entered the Christmas holiday period unchanged at $16,800 as an eerie lack of volatility persevered.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Hopeful price target sees Bitcoin at $17,400
Data from Cointelegraph Markets Pro and TradingView confirmed another day of an almost imperceptible range for BTC/USD just below $17,000.
The pair had struggled to break out despite multiple potential catalysts coming from United States economic data prints.
With the holiday season ahead, a Santa rally appeared unlikely, while a lack of significant events to come further reduced the chances of flash volatility.
In weekend analysis, however, Michaël van de Poppe, founder and CEO of trading firm Eight, nonetheless reiterated the possibility of a step higher to near $17,500 should current levels hold.
“Bitcoin still holding levels here as we flipped $16.750 for support,” he told 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 meanwhile released a list of key levels to watch in the short term, with most of these to the downside.
They included realized price — the aggregate price at which the BTC supply last moved — along with balanced price, which expresses the difference between realized price and current spot price. The two tallies came in at $19,900 and $15,250, respectively on Dec. 23.
BTC/USD annotated chart. Source: On-Chain College/ Twitter
Fellow trader Crypto Poseidon conversely advised potential buyers to steer clear of the current range 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 may not outlast 2015
Eyeing where the current bearish trend could end, meanwhile, Willy Woo, creator of on-chain analytics resource Woobull, had some potential good news for long-term holders (LTHs).
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