Bitcoin on-chain and derivatives data hint that BTC is still in the process of finding a bottom. Should traders expect a Santa Claus rally?
leverage ratio indicator, which measures the ratio between open interest volume, is currently down to 2.5% and 3.1%.
that the 7-day moving average of exchange trading volume has dropped to $67 million, compared to $1.4 billion near the peak of the 2021 bull market.Due to low liquidity and a cloud of uncertainty over the market, there’s a strong possibility that the. The realized volatility of Bitcoin has also dropped toward two-year lows of 22% , and 28% .
Consequently, a short-term bull rally takes effect that may last a few days or weeks, which is precisely what happened in July through August when Bitcoin's price surged toward $25,000. Based on the shakeout levels from November and signs of institutional buying, Bitcoin might be undergoing a similar bear market rally.
While the holdings of these whales has increased from its yearly lows in a similar fashion seen in July to August, BTC price has yet to reflect this positive addition.Technically, the support and resistance levels of the previous trading range between $18,700 and $22,000 could form the local top levels of the current rally. Conversely, if BTC builds support above $22,000, the bear market rally could become more meaningful with a continued uptrend.
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