Bitcoin price recovered some losses, charts turned short-term bullish
Bitcoin price remains near $47,000 in another day of low-volume spot trading. The technical analysis supports a “buy” signal after BTC posted three consecutive days of losses this week. At the time of writing, BTC is changing hands at $47,040.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price sees out the year near $47,000 amid low-volume spot trading
The largest cryptocurrency by market capitalization recovered some of its losses during US trading hours on Thursday, after it dipped below $46,000 a day ago. Spot trading volumes on centralized exchanges remain low, down from a day ago. Although it is still down more than 6% over the past seven days, the charts are showing bullish signals for the oldest cryptocurrency.
Bitcoin has a new short-term counter-trend “buy” signal today per Tom DeMark’s TD Sequential model. The signal supports a two-week-plus rebound, although it is low-conviction because the daily stochastics are not affirming short-term oversold conditions.
“With Bitcoin continuing its $46k to $48k range, we’re seeing a trend of rising address activity. Dec. 28th marked the highest address activity in 4 weeks, and these high spikes in DAA/price ratio historically correlate with price rises”, Santiment stated.
The overall cryptocurrency market cap stands at $2.214 trillion, and Bitcoin Dominance is 40.3%.
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