BTC price levels to watch as Bitcoin limps into Christmas under $17K

Market Analysis

Bitcoin (BTC) entered the Christmas holiday period unchanged at $16,800 as an eerie lack of volatility persevered. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Hopeful price target sees Bitcoin at $17,400 

Data from Cointelegraph Markets Pro and TradingView confirmed another day of an almost imperceptible range for BTC/USD just below $17,000.

The pair had struggled to break out despite multiple potential catalysts coming from United States economic data prints.

With the holiday season ahead, a Santa rally appeared unlikely, while a lack of significant events to come further reduced the chances of flash volatility.

In weekend analysis, however, Michaël van de Poppe, founder and CEO of trading firm Eight, nonetheless reiterated the possibility of a step higher to near $17,500 should current levels hold.

“Bitcoin still holding levels here as we flipped $16.750 for support,” he told Twitter followers.

“If that holds (and no sharp fall to $16.4K), I think we’ll still be able to see continuation to the upside to $17.4k.”

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Popular analytics account On-Chain College meanwhile released a list of key levels to watch in the short term, with most of these to the downside.

They included realized price — the aggregate price at which the BTC supply last moved — along with balanced price, which expresses the difference between realized price and current spot price. The two tallies came in at $19,900 and $15,250, respectively on Dec. 23.

BTC/USD annotated chart. Source: On-Chain College/ Twitter

Fellow trader Crypto Poseidon conversely advised potential buyers to steer clear of the current range altogether.

“Whatever the reason, long-term purchases under $19k will waste a lot of time,” he commented on the weekly chart.

“There is 2 particular spot buy levels; above 19k or sub 12k.”

Woo: Bear market may not outlast 2015

Eyeing where the current bearish trend could end, meanwhile, Willy Woo, creator of on-chain analytics resource Woobull, had some potential good news for long-term holders (LTHs).

Related: Bitcoin low volume sparks BTC price warning as metric hits ‘value zone’

Bitcoin’s bear market could potentially end before becoming its longest ever, he argued on the day, likening this year’s events to those of 2013.

“The main question I have is how long this cycle’s accumulation zone will be,” he tweeted.

“Judging from all the blow ups, it’s more akin to 2013 with the MtGox collapse (Remember 90%+ of BTC was traded there). I suspect it will be longer than 2018 but shorter than 2015.”

An accompanying chart showed the cost basis of LTHs — defined as entities hodling coins for 155 days or longer — and short-term holders (STHs), respectively.

BTC/USD cost basis annotated chart. Source: Willy Woo/ Twitter

The “premium” which results from LTH cost basis rising higher than STH cost basis has historically chimed with macro BTC price bottoming periods.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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