Bitcoin price ‘stuck in a void between liquidity’ on NYE — Will 2025 open bring the volume?
After dropping to $91,500 on Dec. 30, Bitcoin bulls made a concerted effort to prevent BTC ( BTC ) price from closing the year below the neckline of an ominous head-and-shoulders pattern on the daily timeframe. As discussed by Cointelegraph in greater depth in a Dec. 30 article , a confirmation of the head-and-shoulders pattern hints at a downside target in the $80,000 to $76,000 range.
BTC/USD (spot) Coinbase. Source: TradingView.com
Multiple analysts have cited the importance of holding the $94,000 level to keep BTC trading in its current $92,000 to $100,000 range, and the Dec. 31 intra-day rally to $96,250 reflects this attempt.
According to chartered market technician Aksel Kibar ,
“100K is the pattern negation level. HS failure will be confirmed with a breakout above 100K.”
Despite the price run up to $96,250, sellers and margin shorts continue to have the upper hand on Bitcoin’s price action at the moment. Data from TRDR.io shows spot selling at most exchanges and the price breakout today was primarily futures driven.
Related: Here’s what happened in crypto today
Similar to the price action of the past week, intra-day rallies toward the range highs are capped by sellers, while bids at key support levels are absorbed, but today’s uptick in buy volumes in the perpetual futures market does suggest that margin longs are also opening at these dips to the lowest parts of Bitcoin’s price range ($91,000 to $93,000).
BTC/USDT Binance perps. Source: TRDR.io
Popular crypto trader Skew described Bitcoin price as being “stuck in a void between liquidity here going into a new year” and suggested that traders keep an eye on bid and ask liquidity to see if any imbalances arise over the coming days.
$BTC Binance Spot
— Skew Δ (@52kskew) December 31, 2024
Price stuck in a void between liquidity here going into a new year
Given price has been heavily driven by taker flow in recent days, keep tabs on that
bid liquidity ~ $91K - $85K
ask liquidity ~ $98K - $100K pic.twitter.com/dsSh4F1zlf
Regarding Bitcoin’s head-and-shoulders pattern, the most ideal scenario would involve BTC holding $94,000 to $94,500 into a daily close, followed by traders making a run at the next block of asks at $98,800.
BTC/USDT Binance perps. Source: TRDR.io
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.
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
SPX6900 Holders Rejoice—Arctic Pablo Coin Is Poised to Explode as 2025’s Hottest Meme Coin for Insane Profits
In the fast-paced world of meme coins, timing is everything. Arctic Pablo Coin’s unique presale journey and robust tokenomics have earned it a spot as the Top meme coin 2025 contender.The Early Days of SPX6900: Humble Beginnings, Explosive GrowthArctic Pablo Coin Is Carving Its Path as the Top Meme Coin 2025Why Arctic Pablo Coin Is Leading “Top Meme Coin 2025” ConversationsIf SPX6900 Was the Early Wave, Arctic Pablo Coin Is the Next Big TideFinal Words: The Time Is Now for Arctic Pablo Coin

$282M Raised and Climbing: BlockDAG’s Presale Booms as Buyer Battles Drive Massive Demand at Just $0.0018!
Discover how BlockDAG is turning heads in 2025 with over $282M raised, 21.8B coins sold, and nonstop Buyer Battles fueling daily presale demand.A Solid Technical Base Built for ScalingBuyer Battles: Gamifying Daily BDAG AcquisitionsSumming Up!

Ethereum Foundation Reshapes Core Team to Optimize Layer 1 and UX
Ripple receives Dubai approval for DIFC stablecoin RLUSD
Trending news
MoreCrypto prices
More








