Still, the strength of the world’s most dominant digital asset does not seem to be convincing for the majority of cryptotraders of a large near-term bullish surge.
With a 20% growth in its daily volume, BTC has managed to display a certain momentum over the 4,000 USD level. However, according to DonAlt, a digital currency tech analyst, the small growth in the value of BTC is not enough to state the reversal of trend even in the near term.
BitFinex and BitMEX, two of the major margin trading networks for BTC, have scheduled maintenance for today, therefore suspending the trading activity.
In the event that BTC finishes the day at 4,000 USD and displays some positive activity in the near-term, it might let the currency get ready for the upside price movement within narrow ranges.
However, in general, cryptotraders have treated the price activity of BTC as a rather dull move subsequent to poor few days’ performance leading to the X-mas Eve.
BTC might initiate larger rallies over the course of this month, possibly targeting a breakout action over 4,500 USD. Nevertheless, with not breakout over 6,000 USD and resistance levels above it on the horizon, it is quite hard to legitimize a bottom.
Some cryptotraders say that BTC has a chance of encountering a rather bring couple of quarters this year. Considering the instability in the low price range, it will not be able to perform a recovery to key levels.