Bitcoin Stays Put With Yearly Close Expected To Seal 60% YTD BTC Price Loss

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Bitcoin (BTC) kept traders guessing until the last minute of the 2022 annual close as volatility remained absent from the market.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewBTC Quotes: Where’s the Volatility?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD clinging to a familiar zone around $16,500.

The pair continued to disappoint players on both sides of the trade after a sideways Christmas, ignoring the potential significance of the simultaneous weekly, monthly, quarterly and yearly close of the candles.

Technical resistance and overhead liquidity suggest a local top below $17,000, but it’s all in the Wild Wild West, on-chain analysis resource Material Indicators wrote in a part of the Orderbook comments. BinanceBTC/USD.

An accompanying chart nevertheless showed a lack of significant support above $16,000, with resistance above $17,000.

BTC/USD order book data (Binance). Source: Materials Indicators/Twitter

Looking slightly beyond the close, former BitMEX exchange CEO Arthur Hayes hoped that Bitcoin would not fall below its post-FTX floor around $15,500.

If $BTC can hold FTX lows, that’s positive. Let’s see what the new year brings, some of the comments made as part of a US dollar liquidity warning.

Popular trader Cypto Tony, more adamant when it comes to bearish predictions, doubled down on his existing theory that a further decline will precede Bitcoin’s recovery.

This remains my macro view on Bitcoin where we see another pullback lower before accumulation ahead of the next bull run, he told Twitter followers.

BTC/USD annotated chart. Source: Crypto Tony/ TwitterBitcoin’s dominance due to January boost

Meanwhile, a small dose of good news for BTC bulls came from Toni Ghinea, who on December 30 observed a growing trend of crypto market cap dominance.

Related: ‘Crypto Winter’ Won’t End in 2023, Bitcoin Lawyer David Marcus

While he also called for further dips to afflict Bitcoin’s price action, Ghinea has now said that it will be the altcoins that will bear the brunt of the angst.

“BTC Dominance will rise in the next few weeks. More pain for alts. is coming,” he tweeted on Dec. 30.

Annotated chart of Bitcoin market cap dominance. Source: Toni Ghinea/Twitter

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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