Look out below? There's little support for BTC at $16,600, warns MI_Algos.
In social media posts after Christmas, on-chain analytics resource Material Indicators flagged waning interest in protecting the current BTC price range.With volatility still largely absent from Bitcoin markets, analysts are keenly eyeing what could happen at this week’s yearly close.
The closing price for BTC/USD on Dec. 31 will also mark the conclusion of the weekly and quarterly candles, and any flash volatility could turn 2022 into a nightmarish bear market year., the pair is currently down around 60% year-to-date, while versus its latest all-time high from November 2021, it has lost 76%.
This may still not be enough to cap the bear market, various analysts have warned, and now, order book data appears to underscore the potential for fresh losses. “Nothing illustrates sentiment for a price level like liquidity, and there does not appear to be much sentiment for this price level being the bottom,” Material IndicatorsBTC/USD order book chart . Source: Material Indicators/ Twitterthat there was not “much to be excited about” given current order book volumes, these also showing large-volume traders reducing exposure.
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