Bitcoin has seen a modest recovery but it still remains far from the crucial $17,000 level. The top cryptocurrency was trading at $16,601, while Ether held at $1,197.
The broader crypto market has given mixed reactions. Avalanche was the biggest loser, down by 2.34% in the last 24 hours. XRP down by 1.93% and Polygon lost 1.76%. Shiba Inu was the biggest winner, the meme coin was up by 2.31% in the last 24 hours.
With Bitcoin nearly down to $16,500 level, traders find it unattractive. They fear a deeper retracement around the New Year. Crypto Tony, an analyst, believes BTC price could grace the lows of $10,000 or even lower with Ether expected to grace $300. Daan Crypto Trades sees Bitcoin at the bottom of an area that must hold for the bulls to have a shot for an upside. Il Capo of Crypto pointed out that the entire market looks bad. And some altcoins look even worse. He believes the altcoins could see losses up to 90%.
aQua, a popular crypto commentator, said the long and short ratio is positive for the first time since May. This means that there are more Longs than Shorts. The analyst outlined that people hope a perpetual market BTC will pump. But the price structure looks bad and could easily be another local top here and dump. He urged traders and investors to be careful. Joe Burnett, Blockware head analyst, argued that a painful period in Bitcoin’s history was slowly coming to an end. He said everyone is bearish and Bitcoin is still holding at the same price it was in June – $17,500. Burnett added that the mining industry has been decimated and many of the weak hands have been purged, with another slow ascent on the horizon.