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Bitcoin () hodlers are enjoying another day of zero volatility on Dec. The optimistic outlook shows signs of a shift in trend.
Opinions diverge further over BTC price bottom
Data from Cointelegraph Markets Pro and TradingView confirmed more sideways action near $16,800 for BTC/USD on Boxing Day.
The pair took the holiday period in stride, with reduced volumes having no impact on an already deflated market experiencing its lowest volatility on record.
With few trading opportunities in the last week of “Do Nothing December,” analysts attempted to ready the ship for potential headwinds to come.
"If BTC does not recover ~$17,150 in support by fiscal year end... Then $BTC will establish the $13900-$17150 range as its new playground,” Rekt Capital tweeted in a fresh update.
"As a result, at worst, the btc could fall into the lowest band of $13,900, resulting in a -20% decline from current prices.”
Rekt Capital was referring to a previous theory involving support levels on the one-month BTC/USD chart.
New disadvantages remained a popular bet among commentators, with Crypto's Il Capo insisting as never before on a new weak macro still to come.
I think most bears expect $10,000, without taking into account all of the support before that level. 11k-13k is a very strong support that should hold,” he reasoned.
Responding, however, another popular trading account, Profit Blue, stuck to their warnings that $10,000 would mark the Bitcoin bear market bottom.
The analyst accounts for the performance of the volatility.
When it comes to breaking the dying low volatility status quo, during this time, trader Elizy had a positive potential for market participants.
Related: Bitcoin accumulation addresses near record 800K despite whale selling
“BTC the movement is approaching .... I think in the next 48h,” part of a tweet stated.
Elizy added a week-long BTC/USD chart with substantial support up to just over $13,000.
Many, however, were more than content to wait until the BTC price “chopfest” naturally came to an end.
