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

Bitcoin price flatlines as XRP hits $1 with 'massive' altcoin move set up for 2022

Encouraging signs are actualization across altcoin charts, Michaël van de Poppe says, while Bitcoin offers no surprises with a comedown from 10-day highs.

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

Bitcoin (BTC) stuck rigidly to its tight range on Dec. 23 as price action continued to contradict strong buying activity.

*BTC/USD 1-hour candle nautical chart (Bitstamp). Source: TradingView*

Hodlers busy accumulating

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD declining to concur $49,000 after hitting 10-day highs.

The pair remained stuck in a trading zone just around $iv,000 wide, a key factor fuelling bets that a "short squeeze" would striking over the holiday period.

Confronting declining volatility, data reinforced conviction amidst investors, with the supply being bought up at roughly iii times the rate of new BTC being mined.

"Stiff handed HODLers are arresting supply at more triple the rate of new coins beingness mined each day," on-chain analytics house Glassnode summarized in the latest edition of its weekly newsletter, "The Week On-Concatenation."

Glassnode additionally noted that at a spot cost of $47,000, over i-quarter of the BTC supply was underwater compared to when it concluding moved.

As Cointelegraph reported, the likelihood of a squeeze up or down on BTC/USD volition likely increment over the new year's day as decreased activity thins out liquidity and allows for volatility to enter more easily.

#BTC Update ✅#Bitcoin bounced 8%
$46k re-entry after selling $52k & back upward to $50k

Throwback and Southward&R flip probable from here.
Only a breakout in a higher place $50k would be the pregnant breakout and LONG entry #midterm in case u missed this bounce (downtrend breakout) moving-picture show.twitter.com/eKICOZLza6

— AN₿ESSA (@Anbessa100) Dec 22, 2022

Among traders, $50,000 remained the point to picket for resumption of a more bullish stance.

"Santa rally" comes to XRP as altcoins simmer

Among altcoins, Wednesday'due south exuberance was waning, with just two of the pinnacle 10 cryptocurrencies by marketplace capitalization still in the dark-green on daily timeframes at the fourth dimension of writing.

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

The standout was XRP, which maintained weekly gains of over xviii% to return to $1 for the first time since the start of December. Ether (ETH) was back below $4,000.

*XRP/USD ane-day candle nautical chart (Bitstamp). Source: TradingView*

For Cointelegraph correspondent Michaël van de Poppe, however, signs were flowing in that a new year's day'south rebound made buying this week a solid strategy.

"More and more weekly charts are shaping up beautifully on the altcoins," he told Twitter followers.