Saturday, June 25, 2022

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

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

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

Hodlers busy accumulating

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

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

Towards declining volatility, knowledge strengthened conviction amongst buyers, with the availability being purchased up at roughly thrice the speed of latest BTC being mined.

“Robust handed HODLers are absorbing provide at greater than triple the speed of latest cash being mined every 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 worth of $47,000, over one-quarter of the BTC provide was underwater in comparison with when it final moved.

As Cointelegraph reported, the probability of a squeeze up or down on BTC/USD will seemingly enhance over the brand new yr as decreased exercise thins out liquidity and permits for volatility to enter extra simply.

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 day by day timeframes on the time of writing.

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

The standout was XRP, which maintained weekly beneficial properties of over 18% to return to $1 for the primary time for the reason that begin of December. Ether (ETH) was again beneath $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 yr’s rebound made shopping for this week a stable technique.

“Increasingly more weekly charts are shaping up superbly on the altcoins,” he told Twitter followers.

“2022 can be huge.”