Bitcoin stays in place with the annual closing adjustment to seal the 60% annual price loss. Small BTC price action welcomes traders in the final hours of 2022, with Bitcoin avoiding any last-minute trend changes.
Bitcoin price: Where is the volatility?
cryptocoin.com As you can follow, the market lacks volatility in the last days of the year. Hence, it allowed traders to predict Bitcoin’s 2022 annual close until the last minute. Data from TradingView shows that BTC is holding onto a familiar area around $16,500. BTC had a flat Christmas. Now it ignores the potential importance of simultaneous weekly, monthly, quarterly and annual candle closes. Thus, it continues to disappoint players on both sides of the trade.
In a comment on the Binance BTC/USD order book, on-chain analytics resource Material Indicators said, “Technical resistance and overall liquidity suggest local top is below $17,000. However, anything can happen in the Wild Wild West,” he says. However, an accompanying chart shows that there is no significant support above $16,000 and the overhead resistance is $17,000.
BTC order book data (Binance) / Source: Material Indicators / TwitterArthur Hayes, former CEO of BitMEX exchange, looks a little beyond the close. Because Hayes hoped that Bitcoin would not fall below the $ 15,500 level after FTX. In this context, “If BTC can hold FTX bottoms, that’s positive. Let’s see what the new year will bring?” makes the comment.
More categorical when it comes to bearish predictions was popular analyst Cypto Tony, who doubled down on his current theory that further declines will come before Bitcoin’s recovery. “This remains my macro view of Bitcoin where we see another drop before accumulation before the next bull run,” he tells his Twitter followers.
BTC caption / Source: Crypto Tony / TwitterBTC dominance due to increase in January
Meanwhile, there is a small dose of good news for BTC bulls. This came from Toni Ghinea, who followed an increasing trend of crypto market dominance on December 30. New downside forecasts are underway to influence Bitcoin price action. Despite this, Ghinea now says altcoins will bear the brunt of the suffering. In this context, the analyst makes the following statement:
BTC Domination will rise in the coming weeks. However, more pain is coming for altcoins.
Bitcoin market cap dominance explanatory chart / Source: Toni Ghinea / Twitter