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Bitcoin (BTC) is about to close the year at 60 percent in the red

 


When is volatility coming?

Accordingly, as data from Cointelegraph Markets Pro and TradingView show, bitcoin price remains stuck in the $16,500 area.


The market-leading cryptocurrency is thus disappointing the bulls and bears, because things have been going sideways since Christmas , although traders had expected the usual push for the weekly, monthly, quarterly and annual financial statements.


“Technical resistance and liquidity on the top suggest we have a local top just below $17,000 but of course anything is possible in the Wild West,” notes Material Indicators analysts looking at the order books .


In the accompanying chart, we can see that there is little support above $16,000 while there is strong resistance at $17,000.

Former BitMEX CEO Arthur Hayes hopes Bitcoin does not slip below $15,500, the bottom the crypto market leader formed after the FTX debacle.


“If BTC can at least hold the FTX low, then that is positive. Let's wait and see what the new year brings," the crypto expert wrote on Twitter .


Meanwhile, trader Crypto Tony remains much more pessimistic and reiterates his thesis that it first has to go further down before Bitcoin can really recover.


"My medium-term forecast for Bitcoin remains that we need a retrace before we go into accumulation and then into the next bull run," Tony warns .

After all, the crypto expert Toni Ghinea is still spreading good news at the turn of the year, which he derives from the current distribution of power on the crypto market.


Because although he also bets on further losses for Bitcoin, Ghinea points out that the Altcoins are the losers in the bear market.


"Bitcoin's market dominance will continue to increase over the next few weeks while the alts continue to suffer," the expert concludes .

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