Bitcoin stays put with yearly shut set to seal 60% YTD BTC value loss

Bitcoin (BTC) saved merchants guessing to the final minute into the 2022 yearly shut as volatility remained absent from the market.

BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView

BTC value: The place’s the volatility?

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD clinging to a well-recognized space round $16,500.

The pair continued to disappoint gamers on each side of the commerce after a sideways Christmas, ignoring the potential significance of the simultaneous weekly, month-to-month, quarterly and yearly candle shut.

“Technical resistance and overhead liquidity suggests sub $17k native prime, however something goes within the Wild Wild West,” on-chain analytics useful resource Materials Indicators wrote in a part of commentary on the Binance BTC/USD order e book.

An accompanying chart nonetheless confirmed an absence of great help above $16,000, with resistance overhead at $17,000.

BTC/USD order e book information (Binance). Supply: Materials Indicators/ Twitter

Wanting barely past the shut, Arthur Hayes, former CEO of trade BitMEX, hoped that Bitcoin wouldn’t fall underneath its post-FTX ground round $15,500.

“If $BTC can maintain FTX lows that’s constructive. Let’s see what the brand new yr brings,” a part of feedback said as a part of a warning over U.S. greenback liquidity.

Extra categorical when it got here to bearish forecasts was common dealer Cypto Tony, who doubled down on his current idea that additional draw back would precede Bitcoin’s restoration.

“This stays my macro outlook on Bitcoin the place we see one other pullback decrease earlier than accumulation previous to the subsequent bull run,” he instructed Twitter followers.

BTC/USD annotated chart. Supply: Crypto Tony/ Twitter

Bitcoin dominance due a January increase

One small dose of excellent information for BTC bulls in the meantime got here from Toni Ghinea, who on Dec. 30 eyed an rising crypto market cap dominance development.

Associated: ‘Crypto winter’ will not finish in 2023 — Bitcoin advocate David Marcus

Regardless of additionally calling for recent draw back to afflict Bitcoin value motion, Ghinea now stated that it could be altcoins bearing the brunt of the anguish.

“BTC Dominance will push up within the subsequent weeks. Extra ache for alts. is coming,” he tweeted on Dec. 30.

Bitcoin market cap dominance annotated chart. Supply: Toni Ghinea/ Twitter

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