Bitcoin (Bitcoin) Maintained strictly within a narrow range on December 23, as price movements continued to contradict strong buying activity.

Hoarders are busy accumulating

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD failed to hold $49,000 after hitting a 10-day high.

The currency pair is still stuck in the trading zone of only about $4,000, which is a key factor that has contributed to the bet that a “short squeeze” will occur during the holiday period.

In response to the declining volatility, the data has strengthened investors’ confidence, and the speed of buying supply is about three times the speed of new BTC mining.

On-chain analytics company Glassnode concluded in its latest weekly newsletter: “Tough HODLers are absorbing supply more than three times faster than mining new coins every day.”Chain last week. “

Glassnode also pointed out that at a spot price of $47,000, more than a quarter of the BTC supply is underwater compared to the last time it moved.

As Cointelegraph Report, As activity decreases to reduce liquidity and make volatility easier to enter, the possibility of BTC/USD rising or falling in the new year may increase.

#BTC Update ?#Bitcoin Rebound 8%
After selling 52,000 USD, re-enter 46,000 USD and rise back to 50,000 USD

Reverse and S&R may flip from here.
Only breaking through more than 50,000 US dollars is a major breakthrough and long entry #midterm If you missed this rebound (downtrend breakout) pic.twitter.com/eKICOZLza6

-AN?ESSA (@Anbessa100) December 22, 2021

Among traders, $50,000 is still an observation point for the bullish stance.

With the brewing of altcoins, “Santa Claus Rally” comes to XRP

Among altcoins, the boom on Wednesday is waning, and at the time of writing, only two of the top 10 cryptocurrencies by market capitalization are still in the green state in the daily time frame.

related: 12/22 Price analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

The most prominent is Ripple, Its weekly growth rate remained above 18%, rebounding to $1 for the first time since the beginning of December. Ether (Ethereum) Back below $4,000.

However, for Cointelegraph writer Michaël van de Poppe, there are signs that the New Year’s rebound makes this week’s purchase a reliable strategy.

“More and more weekly charts are perfectly formed on altcoins,” he said Tell Twitter fans.

“The year 2022 will be huge.”