Selon Material Indicators, a lack of enthusiasm on order books is just one indication that downside volatility could easily resume.
Until bid liquidity dries up, Bitcoin isn’t going to bottom at just below $17,000, according to new research.
Material Indicators, an on-chain analytics tool, highlighted declining interest in maintaining the current BTC price range in social media posts after Christmas.
The order book leaves not much to be excited about
Analysts are keeping an eye on what could happen at this week’s yearly close.
The closing price for a foreign currency.
The conclusion of the weekly and quarterly candles will be marked by 31 and any flash volatility could turn the year into a bear market year.
The pair is down around 60% year-to-date and has lost over 70% compared to its all-time high.
According to analysts, this may not be enough to cap the bear market, and now, order book data shows the potential for fresh losses.
Material Indicators commented on a chart of BTC/USD order book activity that there wasn’t much sentiment for the price being the bottom.
The day before, another post argued that there was not much to be excited about given current order book volumes.
Santiment said that the range of prices has a lot to do with the decline in whale interest.
Santiment said that there was a correlation between large transactions of $1 million or more and the overall price strength.
The transactions are at their lowest level since December 2020.
“This would be a historically bullish signal if prices continue sliding.”
“Lower BTC prices are coming.”
Trading firm QCP Capital had more bad news for crypto hodlers in its end-of-year summary and forecast, meanwhile, in its “Just Crypto” end-of-year summary and forecast.
analysts predict that Bitcoin and Ether will begin a “Wave 5 extension lower” by 2023, in line with risk assets and the United States, according to analysts.
the dollar and bonds are seeing renewed vigor.
“We continue to expect any huge BTC increments to put critical selling pressure,” they composed, portraying Bitcoin as “trading in lock-step” with ETH.
ARK Invest’s ARK Innovation (ARKK) exchange-traded fund has an additional connection of its own.
“ARKK price action is leading BTC by 2 months, which warns of lower BTC prices to come,” QCP added alongside a comparative chart.