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 sturdy shopping for exercise.

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

Hodlers busy accumulating

Knowledge 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 large, a key issue fuelling bets {that a} “brief 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 3 times the speed of recent BTC being mined.

“Robust handed HODLers are absorbing provide at greater than triple the speed of recent 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 chance 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 observe 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 each 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 good points of over 18% to return to $1 for the primary time because the 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 had been flowing in {that a} new yr’s rebound made shopping for this week a strong technique.

“An increasing number of weekly charts are shaping up fantastically on the altcoins,” he told Twitter followers.

“2022 will likely be large.”