BTC price forms new support at $16.8K as Bitcoin lures 'mega whales'
A new 100-week "point of control" is appearing below $17,000 as the age-old Bitcoin trading range endures. Bitcoin (BTC) could be busy forming fundamental support in its current tight trading range, the latest research suggests. In a tweet on Jan. 6, trading platform Trend Rider noticed that $16,800 is becoming an increasingly important BTC price support zone. Point of control establishing below $17,000? Bitcoin’s lack of volatility has led commentators to debate when a breakout could occur — and in what direction it could go. So far, however, the increasingly narrow trading range in place since the FTX saga in November remains in control. Now, on-chain analysis is hinting that, contrary to some beliefs, BTC/USD may not have further to fall in the current phase of the bear market. Trend Rider eyed the one-week chart to flag $16,800 as the current 100-week point of control (PoC) — the price level generating the largest volume in the specific period. The longer the period and...