A new 100-week point of control is appearing below $17,000 as the age-old Bitcoin trading range endures. 1170 Total views 19 Total shares Listen to article 0:00 Markets News Ho-ho-ho! Get Limited Holiday Trait!Collect this article as an NFT Bitcoin (BTC) could be busy forming fundamental support in its current tight trading range, the latest research suggests.
In a tweet on Jan. 6, trading platform Trend Rider noticed that $16,800 is becoming an increasingly important BTC price support zone.Point of control establishing below $17,000?
Bitcoins lack of volatility has led commentators to debate when a breakout could occur and in what direction it could go.
So far, however, the increasingly narrow trading range in place since the FTX saga in November remains in control.
Now, on-chain analysis is hinting that, contrary to some beliefs, BTC/USD may not have further to fall in the current phase of the bear market.
Trend Rider eyed the one-week chart to flag $16,800 as the current 100-week point of control (PoC) the price level generating the largest volume in the specific period.
The longer the period and higher the volume, the stronger the notional PoC support or resistance level is.
New Bottom forming, accompanying comments stated:~16.8K is the new 100 Weekly POC for Bitcoin. In simple terms on the last 100 weeks this is the level where most volume has been traded, which is creating a potential bottom formation.BTC/USD annotated chart. Source: Trend Rider/ Twitter
Should this be the case, Bitcoin could avoid the worst doomsday predictions of recent months, including a drop to $10,000 or even lower.
Longer-term PoCs include the 200-week at $9,200 and 300-week at $3,700 near the March 2020 COVID-19 cross-market crash lows.Whale activity inches higher
On exchanges, Bitcoins trading corridor was likewise firmly unmoved on the day.
Related:$16.8K Bitcoin now trades further below this key trendline than ever
According to monitoring resource Material Indicators, the strongest nearby support and resistance levels were at $16,000 and $17,000, respectively.
A chart of the Binance order book additionally showed increasing interest from the largest bracket of Bitcoin whales between the two price points.
Brown Mega Whales seem to like this range for Bitcoin, Material Indicators commented.BTC/USD order book data (Binance). Source: Material Indicators/ Twitter
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. #Bitcoin #Bitcoin Price #Markets #Market Analysis Related News How to convert your digital art into NFTs and sell it How to buy Bitcoin with Apple Pay? Bitcoin retraces intraday gains as bears aim to pin BTC price under $18K Bitcoin Santa Claus rally unlikely, according to on-chain and derivatives data Bitcoin and Ethereum gave back their gains, but has anything actually changed?
