As one trader projected a new BTC price breakout, Bitcoin remained within a strict trading range until the weekly close on December 24.
Over the weekend, BTC/USD only made sideways moves, according to data from TradingView and Cointelegraph Markets Pro.As Bitcoin rejected volatility off the year’s final US macro data, these had started into the final Wall Street trading week before the Christmas holiday season. However, well-known trader and analyst Credible Crypto claims that the largest cryptocurrency, now trading at over $43,500, is “absolutely primed” to rise.Credible Crypto has stated in recent tweets on X (previously Twitter) that flat trading is an indication of accumulation.
“It really does not get much better than this,” one of the posts summarized.
“Some final accumulation going on here before the push to 50k+ imo.”
Market indicators resetting, he added, is also a key component needed to fuel upside continuation.
“We have price trapped in a tight accumulation range, aggregate OI hitting new local lows (very healthy), Coinbase spot buyers doing their thing, and funding nearly fully reset. Absolutely primed for the next leg up — hopefully we get one more quick swipe into low 43k’s to fill a few more of my bids first.”
Data from order books on the biggest worldwide exchange for the BTC/USDT pairWhile this was going on, Binance displayed the crucial barrier to get past.Material Indicators, a trading website, stated that this traded at or slightly below $45,000 on the day, corresponding to about $92 million in ask liquidity.
Co-founder of Material Indicators Keith Alan took a different tack, suggesting that holiday trade activity could not be enough for bulls to break through.Nevertheless, if liquidity owners reallocate, the opposition might diminish.
“Those ‘roof pulls’ have helped Bitcoin make a few R/S flips since October so prepared for that, but IMO continued consolidation and/or correction would be much healthier for the market,” part of X commentary stated.
As we approach the annual closure, Bitcoin looks like it will have a mediocre December.
As of December 23, month-to-date gains were approximately 16%, according to data from the analytics resource CoinGlass.The quarterly performance is particularly noteworthy, as it has already reached its highest level since 2020, with a 62% share.
As Cointelegraph reports, most market participants have set their expectations for the price of Bitcoin at a maximum of $48,000 before the first U.S. Bitcoin spot price exchange-traded fund, or ETF, is expected to be approved.However, a widely accepted idea calls for a large market reversal to occur at or following the announcement, which is anticipated by January 10, 2024.