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News/Bitcoin remains stagnant as consolidation continues in current range

Bitcoin remains stagnant as consolidation continues in current range

Dec 21 2022

2 years ago6 mins read
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Bitcoin remains stagnant at $16,800, forming a consolidation range over the last 24 hours. However, with the end-of-year holidays upon us, it will be interesting to see if the market leader moves in a specific direction.

ETH also kept changing hands around $1,200, and was the subject of strong criticism from Paxful CEO Ray Youssef, who removed it from the global peer-to-peer crypto trading platform. According to Youssef, the company will continue to support Bitcoin, which he termed as the answer to global financial woes.

Meanwhile, the S&P 500 is gradually trying to climb up into its support band and is currently struggling to break through 3,870, whereas DXY came through with a strong bounce at 104.

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Top  altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Since our rejection and crash from \(18,400, [Bitcoin](https://coin360.com/coin/bitcoin-btc) has been due for a relief bounce. Liquidity may be taken around \)17,300 and higher before Bitcoin completes this move and tests range lows around \(15,500. Our current consolidation range is being used by multiple market participants with similar ideas. However, looking at future data and liquidation maps we may visit \)16,500 once again to trigger their stop losses before filling any imbalances above.

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Ethereum Technical Analysis

Ethereum has been tame in the past few days and has not shown a lot of deviations which typically leave traders in tatters. We have a long liquidation cluster at \(1,250, but looking at the decreasing volume along with sell walls present on exchanges, it is likely to see \)1,190 or even $1,175 before we go higher and form a higher low.

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NFT Market Map

It’s clear that the Yuga Labs family has been dominating the NFT trading volume today, with BoredApeKennelClub (+1,844.94%), MutantApeYachtClub (+270.99%), Bored Ape Yacht Club (+173.91%) ranking no.1, 2, and 4 on the leaderboard, respectively.

Mutant Hound Collars (+90.01%), which was born to expand the lore of the Yuga Labs ecosystem, topped the trading volume table as the runner-up.

Earlier today BAYC announced that the Trial of Jimmy the Monkey will start tomorrow, which is set to allow a free, playable, interactive mint experience for BAYC and MAYC holders.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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