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Wednesday, January 19, 2022

Bitcoin Price Fends Off Santa Rally

The price of Bitcoin managed to stay within range after hitting ten-day highs on the 22nd of December with fresh warnings coming over market complacency. According to data received from TradingView and Cointelegraph Markets Pro, it could be understood that the BTC/USD range had consolidated after coming within a range of $400 of $50,000 over the last 24 hours.

The market bulls were also up against a major sell wall around the psychologically significant level, with major analysts already calling for a hit around the level of $50,500, after which it would hold in order to flip positive on far shorter timeframes. 

Bitcoin’s Price Correction Could Be Soon Over

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Pentoshi, a popular crypto trader, recently tweeted that the seas seem to be parting for Bitcoin- as it makes way for a shot at a higher low on the BTC column. Interestingly, while the Santa Rally has managed to go beyond both the traditional and the crypto markets, looking ahead, some of them were creatively betting on a turnaround around the period over the New Year.

For trading firm QCP Capital, the major point lay in the forthcoming low liquidity stemming over the holidays, which would be sparking a short squeeze in an overly nonchalant market setup. 

It stated that the market was about to get really complacent with the spot ranges compressing in the channel of $45,500 to $49,500. This makes it a perfect time to buy some wings of Bitcoin- which was mentioned on the 22nd of December. 

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The funding rates of exchanges, especially Bitcoin exchanges, were quite positive and neutral across most of the exchanges at the time it was reported- with data from Coinglass hinting at a lack of any major activity taking place. 

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