Bitcoin price dips to $42.2K as Solana comes off 20-month highs
Bitcoin ( BTC ) took a fresh step down on Dec. 26 as analysis blamed seasonal trends for BTC price weakness.
BTC price struggles after 2% drop
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $42,200, down 2% on the day — its lowest in almost a week.
Neither a “Santa rally” nor a holiday surprise greeted Bitcoin bulls over Christmas, and ahead of the Wall Street return, crypto markets continued to struggle.
Commenting on recent BTC price moves, trading resource Material Indicators argued that the final days of 2023 were bound to create problems.
“Year end profit taking and tax loss harvesting are going to strengthen the headwind for BTC bulls,” a post on X (formerly Twitter) read.
“Watching to see if they can reclaim the 21-Day MA before tonight’s D candle close.”
Material Indicators referenced Bitcoin’s 21-day simple moving average, which at the time of writing stood at $43,115 — around $400 above the spot price.
Earlier, co-founder Keith Alan stressed the significance of the 21-day trendline as support in recent months.
A printout of BTC/USDT order book liquidity on the largest global exchange, Binance, meanwhile, did little to lift the mood, this showing bids at $37,000 and lower increasing through the second half of December.
Continuing on order book trends, popular trader Skew likewise suggested that market participants were preparing for further downside.
“Looks more like shorts positioning for a break lower, in which these shorts will want to see continued spot selling else they will be forced to cover around $43K,” part of an X post explained on the day.
Solana retains lion’s share of major gains
Not all major cryptocurrencies fared as badly into the yearly close.
Related: BTC price up 160% in 2023 — 5 things to know in Bitcoin this week
In contrast to Bitcoin and largest altcoin Ether ( ETH ), both Binance’s BNB ( BNB ) and Solana’s SOL ( SOL ) continued to put in impressive weekly performances.
BNB/USD and SOL/USD were up 19.5% and 56.8% over the past seven days, respectively, at the time of writing, while ETH/USD was just 1.6% higher.
As Cointelegraph reported , Solana had benefited from a combination of increased gas fees and airdrops, hitting nearly $126 on Christmas Day — its highest since April 2022.
Previously, traders had eyed a chance for altcoins to shine as first-mover Bitcoin lost momentum.
For Michaël van de Poppe, founder and CEO of trading firm MN Trading, proof lay in a noticeable trend change for the overall altcoin market cap.
Total market capitalization for Altcoins is finally breaking out of a range of 500+ days,” he told X subscribers on Christmas Eve.
“Retest took place and found sufficient amount of support, which means that Q1 is likely bringing a 2x on the Altcoin market capitalization.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show
Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype

ETH Trades at Historic Lows vs BTC Since 2019
ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls

Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis
BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment

SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy
Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation

Trending news
MoreCrypto prices
More








