Short-term profit opportunities are there, but so are concerns over a "panic" sell-off still absent from BTC price charts. Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600. Data from Cointelegraph Markets Pro and TradingView showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%.
The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play. As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes. Bitcoin's relative strength index (RSI), in addition to other bullish signals, had entered "oversold" territory during the dip in what is a classic buy-in trigger.
"If you are trading small time frames, there's very solid risk/reward of punting longs here," he wrote in one of several tweets about the opportunity. "RSI oversold, hourly about to make a bull div, at the range EQ, low conviction selling on minimal volume."
BTC/USD subsequently bounced from the lows to return above $47,000. Melker had previously defended the retracement from $52,000, arguing that "nothing had changed" overall for rangebound Bitcoin.
Not everyone, however, was optimistic. Peter Brandt, the veteran trader who earlier in the week had warned of "fake breakouts" in thin-liquidity markets over the holidays, now eyed room for further downside.
A phase of "panic capitulation" worse than early December appearing is nonetheless a topic of debate.
Retail investors, others argued, were likely not prone to mass selling at current levels, pointing to increases in small-balance wallets and evidence of strong hodl behavior throughout the year.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 75.6% | 42 | $70 102.05 | -0.94% | 8.41% | $1 378 721 112 129 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 73.2% | 50 | $3 548.67 | -1.04% | 3.44% | $426 091 134 629 | ||
3 | USDT | Tether predictions | 93.6% | 1 | $1.000161 | 0.06% | 0% | $104 521 125 383 | ||
4 | BNB | Binance Coin predictions | 64.4% | 81 | $612.52 | 4.54% | 7.46% | $91 594 467 823 | ||
5 | SOL | Solana predictions | 56.8% | 88 | $185.38 | -0.40% | 5.95% | $82 385 078 775 | ||
6 | XRP | XRP predictions | 84.8% | 28 | $0.623886 | 0.47% | 0.09% | $34 241 537 263 | ||
7 | USDC | USD Coin predictions | 92.4% | 2 | $0.999936 | -0.02% | -0.01% | $32 488 072 414 | ||
8 | DOGE | Dogecoin predictions | 70% | 66 | $0.215569 | 0.30% | 36.43% | $30 969 443 243 | ||
9 | ADA | Cardano predictions | 68.8% | 66 | $0.647345 | -0.43% | 3.88% | $23 035 130 789 | ||
10 | AVAX | Avalanche predictions | 61.6% | 87 | $53.64 | -1.02% | -2.10% | $20 244 556 490 | ||
11 | SHIB | SHIBA INU predictions | 56% | 94 | $0.000031 | -4.23% | 13.88% | $18 256 409 592 | ||
12 | TON | Toncoin predictions | 59.6% | 87 | $4.91 | 0.25% | 11.99% | $17 045 259 055 | ||
13 | DOT | Polkadot predictions | 73.6% | 49 | $9.48 | -0.70% | 4.30% | $13 526 776 978 | ||
14 | BCH | Bitcoin Cash predictions | 74% | 57 | $623.57 | 9.94% | 53.19% | $12 273 269 375 | ||
15 | LINK | Chainlink predictions | 79.6% | 42 | $18.86 | -3.55% | 4.45% | $11 075 390 725 |
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