BTC price forms new support at $16.8,000 as Bitcoin attracts ‘mega whales’

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Bitcoin (BTC) may be busy forming fundamental support in its current trading range, according to the latest research.

In a tweet on January 6, the Trend Rider trading platform noticed $16,800 becoming an increasingly important BTC price support zone.

Establishing a checkpoint below $17,000?

Bitcoin’s lack of volatility has led commentators to debate when a breakout might occur and in what direction it might go.

So far, however, the increasingly narrow trading range in place since the FTX saga in November remains in check.

Now, the on-chain analysis hints that, contrary to some beliefs, BTC/USD may not need to decline further in the current phase of the bear market.

Trend Rider looked at the 1-week chart to signal $16,800 as the current 100-week point of control (PoC), the price level generating the greatest volume during the specific time frame.

The longer the time frame and the higher the volume, the stronger the notional PoC support or resistance level.

New background training, accompanying comments indicated.

~16.8K is the new weekly 100 POC for Bitcoin. Simply put, over the past 100 weeks, this is the level at which most volume has been traded, creating a potential bottom formation. BTC/USD annotated chart. Source: Trend Rider/Twitter

If so, Bitcoin could avoid the worst doomsday predictions in recent months, including a drop to $10,000 or even lower.

Longer-term PoCs include the 200 weeks at $9,200 and the 300 weeks at $3,700 near the March 2020 COVID-19 crossover crash lows.

Whale activity increases by a few centimeters

On exchanges, the Bitcoin trading corridor also stood firmly still on the day.

Related: $16.8,000 Bitcoin Is Trading Below This Key Trendline More Than Ever

According to the monitoring resource hardware indicators, the strongest nearby support and resistance levels were $16,000 and $17,000 respectively.

A Binance order book chart also showed growing interest from the larger Bitcoin whale slice between the two price levels.

Brown Mega Whales seems to like this range for Bitcoin, Material Indicators commented.

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

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