Bitcoin trades in tight range ahead of jobs report this week
While the markets have been quiet over the holidays, Bitcoin may be getting ready for a volatile move as its trading range tightens. The jobless claims report this week, on Dec. 29, could catalyze such price action.
At the current price, BTC rests at levels last seen two years ago. According to Glassnode, as of Dec. 26, Short-term holders held Bitcoin at a loss totaling 1,889,585 BTC, with the Long-term holders tally at 6,057,858 BTC.
Meanwhile, the S&P 500 is forming a double top on the hourly. If it can hold 3,830 we’ll have our first higher low, which could lead to a further move toward the upside. DXY remains stable at 104.2.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin tested \(17,000 again and had a swift rejection heading down to \)16,800. We can see some bullish momentum forming on indicators. However, some buy orders are sitting at \(16,000, which is, coincidentally, an area of interest for sell-side liquidity, given how a significant number of long positions will have their stops in that area. Considering all this, a sweep of that range before the price moves up to \)18,500 - $19,800 is possible.
Ethereum Technical Analysis
Ethereum wicked up to \(1,233 once again and is now back down to \)1,217. Anything below \(1,190 is part of the discounted range and should be a good place to build long positions. As far as expectations go we can see \)1,150 before $1,300 as it would not break the previous low while still maintaining a bullish structure.
NFT Market Map
The Omakasea team shared the idea behind ETH GOBBLERS as they dropped it on Christmas. Meanwhile, TABZ caught the community’s eye thanks to its relationship with Degenz and creative collaboration with OSF.
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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.