Bitcoin (BTC) staged a fresh day of losses on Dec. 28 as bulls faced an increasingly stubborn range.
BTC price denies bulls’ post-Christmas rally
Data from Cointelegraph Markets Pro and TradingView tracked a $1,500 BTC price comedown versus the daily open.
In a firm reminder of the power of overhead resistance, Bitcoin stayed firmly rooted in a corridor now in place for over a week.
Problems to the upside were many and various — as Cointelegraph reported, profit-taking and overly high funding rates were making analysts concerned over what could happen next.
Analyzing the status of play on order books, Maartunn, a contributor to on-chain analytics platform CryptoQuant, eyed increasing bid liquidity being added at $40,000 support on Coinbase.
$BTC Coinbase Spot
— Maartunn (@JA_Maartun) December 28, 2023
Limit bids worth $50 million were placed at the price level of $40,000, equivalent to 1,200 BTC. pic.twitter.com/ZkLQCjy8Jl
Trading resource Material Indicators, meanwhile, noted some buying interest from whales in the current range.
“We are also seeing some small blocks of bid liquidity move up above $42k, perhaps trying to prevent a lower low. Watching to see if it hold,” it wrote in part of a post on X (formerly Twitter) on the day.
An accompanying chart showed liquidity levels for the BTC/USDT pair on largest global exchange Binance.
Bitcoin ETF “red flags” concern analyst
Continuing on the immediate outlook, Filbfilb, co-founder of trading suite DecenTrader, cautioned over optimistic BTC price predictions.
Related: Bitcoin trader with $12K BTC price target warns ‘weeks’ to crypto comedown
The upcoming approval decision for the first United States Bitcoin spot price exchange-traded fund (ETF) should be no cause for making assumptions, he told X subscribers.
“The increasing competition for who’s calling the highest number for Bitcoin when ETF comes along is a red flag,” he wrote.
“If initial capital flows are lacklustre expect a correction.”
Filbfilb is not alone among market participants who see a “sell the news” reaction to an ETF go-ahead, due by Jan. 10, 2024. Previously, however, he forecast a $46,000 BTC price by the April block subsidy halving.
“I’m still of the view that the overall outcome will be a strong 2024 and there would be a pump of some sort on approval, but it’s expected with like 95% certainty,” he added about the ETF.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
