BTC Price Levels to Watch as Bitcoin Christmas Limps Under $17,000

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Bitcoin (BTC) entered the Christmas holiday period unchanged at $16,800 as a strange lack of volatility persisted.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewHopeful 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 US economic data printouts.

With the festive season ahead, a Santa Claus rally seemed unlikely, while a lack of significant events to come further reduced the risks of flash volatility.

In an analysis over the weekend, however, Michal van de Poppe, founder and CEO of trading company Eight, nevertheless reiterated the possibility of a rise to near $17,500 if current levels hold.

Bitcoin is still holding levels here as we turn back $16,750 for support, he told Twitter followers:

If this holds (and not a hard drop to $16,400), I think we can still see a continuation of the upside to $17,400. BTC/USD annotated chart. Source: Michal van de Poppe/Twitter

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

They included the realized price, the aggregate price at which the supply of BTC last moved with the equilibrium price, which expresses the difference between the realized price and the current spot price. The two tallies came to $19,900 and $15,250, respectively, on December 23.

BTC/USD annotated chart. Source: College on Chain / Twitter

Conversely, fellow Crypto trader Poseidon advised potential buyers to avoid the current range altogether.

Whatever the reason, long-term buys under $19,000 will waste a lot of time, he commented on the weekly chart:

There are 2 specific cash buy levels; above 19,000 or below 12,000. Woo: bear market may not last longer than 2015

Looking at where the current downtrend might end, Willy Woo, creator of on-chain analysis resource Woobull, had some potential good news for long-term (LTH) holders.

Related: Low Bitcoin Volume Triggers BTC Price Warning As Metric Hits Value Zone

Bitcoin’s bear market could potentially end before it becomes its longest in history, he explained that day, comparing events this year to those of 2013.

The main question I have is how long will the accumulation zone of this cycle last, he tweeted:

Judging by all the explosions, it’s more like 2013 with the collapse of MtGox (remember that over 90% of BTC was traded there). I think it will be longer than 2018 but shorter than 2015.

An attached chart showed the cost basis of LTHs defined as entities holding coins for 155 days or more and short-term holders (STH), respectively.

Annotated table of BTC/USD cost base. Source: Willy Woo/Twitter

The premium that results from the increase in the LTH cost base relative to the STH cost base has historically rung with periods of BTC macro price dips.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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