The broader crypto space iterates a bombshell correction as we are just a couple of days away from the new year. Wherefore, the global market cap has plummeted back to $2.25 trillion down by 5% round the clock. Especially, the primary coins Bitcoin and Ethereum price are down by 4% each in the past 24-hours.
Bitcoin price after facing a heavy rejection at $51,836 on Monday, fell back to initial levels of $47k. The asset appears to be testing the trader’s nerves with no proper trade signals. However, the asset is attempting to accumulate substantial strength around the present trade zone. If it fails to hold the above support then it would correct up to $43k. Yet there are some positive signs of a price rebound, as some factors are bullish.
Retailers Loose Interest! Whales to Jump in!
Retailers are not showing confidence in the asset since the spring. Yet whales are already in the game, hence massive volatility is expected in the January 1st week.
Usually, transaction fees spike when there is a demand for executing the trade outpowers the supply of miners. But a report from the glassnode affirms the drastic drop in fees since winter. The move further suggests that Bitcoiners aren’t confident enough in placing transactions. Furthermore, the total transaction volume breakdown by size between $1k to $10k has plummeted back to previous levels.
On the other hand, total transfer volume breakdown by size above $10 million are at their higher levels. This further suggests that big whales are back to the game and massive volatility would take the space by storm in January.
Collectively, Bitcoiners are holding their nerves as the asset is making clueless moves. However, as big players have entered the play upcoming volatility would invite retailers back. Hence, the flagship asset would clear the resistances above $50k to start with a massive bull rally in 2022.