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Bitcoin price flatlines as XRP hits $1 with ‘massive’ altcoin move set for 2022



Bitcoin (BTC) caught rigidly to its tight vary on Dec. 23 as price motion continued to contradict sturdy shopping for exercise.

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

Hodlers busy accumulating

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD failing to carry $49,000 after hitting 10-day highs.

The pair remained caught in a buying and selling zone solely round $4,000 large, a key issue fuelling bets {that a} “short squeeze” would hit over the vacation interval.

In opposition to declining volatility, knowledge strengthened conviction amongst traders, with the availability being purchased up at roughly thrice the speed of latest BTC being mined.

“Strong handed HODLers are absorbing supply at more than triple the rate of new coins being mined each day,” on-chain analytics agency Glassnode summarized within the newest version of its weekly e-newsletter, “The Week On-Chain.”

Glassnode moreover famous that at a spot price of $47,000, over one-quarter of the BTC provide was underwater in comparison with when it final moved.

As Cointelegraph reported, the chance of a squeeze up or down on BTC/USD will possible improve over the brand new 12 months as decreased exercise thins out liquidity and permits for volatility to enter extra simply.

#BTC Replace ✅#Bitcoin bounced 8%
$46k re-entry after promoting $52k & again as much as $50k

Throwback and S&R flip possible from right here.
Solely a breakout above $50k could be the numerous breakout and LONG entry #midterm in case u missed this bounce (downtrend breakout)

— AN₿ESSA (@Anbessa100) December 22, 2021

Amongst merchants, $50,000 remained the purpose to look at for resumption of a extra bullish stance.

“Santa rally” involves XRP as altcoins simmer

Amongst altcoins, Wednesday’s exuberance was waning, with solely two of the highest 10 cryptocurrencies by market capitalization nonetheless within the inexperienced on every day timeframes on the time of writing.

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

The standout was XRP, which maintained weekly good points of over 18% to return to $1 for the primary time for the reason that begin of December. Ether (ETH) was again under $4,000.

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

For Cointelegraph contributor Michaël van de Poppe, nevertheless, indicators have been flowing in {that a} new 12 months’s rebound made shopping for this week a stable technique.

“More and more weekly charts are shaping up beautifully on the altcoins,” he instructed Twitter followers.

“2022 will be massive.”

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