Confirmed Bitcoin payments hit yearly low amid holiday illiquidity
Release: 2024/12/27 17:59 Reading: 744
Yearly Low in Daily Bitcoin Payments Amid Holiday Illiquidity
Confirmed Bitcoin (BTC) payments have reached a yearly low of 623,434 on December 26th, as reported by blockchain.com data.
Confirmed Bitcoin payments are irreversible transactions verified and included in blockchain blocks. They serve as an indicator of investor activity on the network.
On December 17th, Bitcoin price surged past $108,000, resulting in over 857,000 confirmed payments. This represents a significant increase compared to the current 623,000.
Price Recovery Expectations
Bitcoin analysts anticipate a price rebound above $105,000 in the coming days, as the holiday period characterized by low institutional liquidity draws to a close.
Social Sentiment and Price Breakout
Weak social sentiment surrounding Bitcoin suggests the potential for an impending recovery. Cointelegraph reported a decline in positive Bitcoin-related comments to a ratio of 4:5 on December 22nd.
Market intelligence platform Santiment noted that this negative sentiment could indicate an upcoming Bitcoin breakout.
Other Analysts' Views
Analysts predict an end to Bitcoin's correction below $100,000. According to Ryan Lee, chief analyst at Bitget Research, market activity typically increases post-Christmas. He anticipates a trading range of $94,000 - $105,000 for BTC this week.
President-elect Donald Trump's inauguration on January 20th, 2025, could serve as a potential catalyst for Bitcoin's price movement.
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