Bitcoin faces Santa’s rally when the fund’s forecast for a new year is “cut back”

Things may be boring now, but an increasingly “complacent” market will allow for fiery market movement, QCP Funds said.

Market update

Bitcoin (BTC) has maintained its range after hitting a ten-day high on December 22nd amid new warnings of the market’s “complacency”.

How about a New Years squeeze?

Cointelegraph Marketplaces Professional and TradingView data followed BTC / USD consolidation after hitting $ 400 of $ 50,000 overnight.

The bulls have withstood a substantial selling wall around the psychologically important level, with analysts calling for and holding a profit of $ 50,500 to turn positive in a short time.

“Today the seas will part to make way for a shot at lower levels at BTC,” noted trader Pentoshi tweeted in a featured social media post.

“I ask the bears. Come to the ark. Go to a safe place. Come with us to 53,000 arid lands where everyone can win and embrace in glory. “

While the “Santa Claus rally” has so far escaped both the crypto and traditional markets, some are betting on changes over the turn of the year with a view to the future.

For the trading company QCP Cash, the key lies in the impending low liquidity during the holidays, which could lead to a short-term shortage in an overly apathetic market environment.

It to advise Wednesday.

“… We stick to our view that there will be a bottleneck (likely peak) if liquidity dwindles over the holidays through 2022. When this happens, property is. It is very beneficial to have wings. “

Data from Coinglass shows that at press time, funding rates on the exchanges are positive but not neutral, suggesting a lack of speculative activity.

Dollars forego new profits

Meanwhile, on Wall Street opening, macro signals remained muted as Tesla stock (TSLA) rose 4.3% without affecting Bitcoin’s performance.

Related: Missed Hot Crypto Stocks In 2021? It’s only worth buying Bitcoin and Ethereum, as data shows

The S&P 500 index rose slightly after the opening bell, while the panic caused by the coronavirus seems to have subsided last week.

Further relief came in the form of a bearish US dollar, with the US dollar currency index (DXY) heading towards 96 support later on the day.