Confirmed Bitcoin payments hit yearly low amid holiday illiquidity
Daily Bitcoin payments reached a yearly low of 623,434 on December 26, reflecting typical holiday season illiquidity. This figure is significantly lower than the 857,000 confirmed payments recorded on December 17, when Bitcoin's price surpassed $108,000. Analysts anticipate a price recovery above $105,000 as the holiday period concludes, which is often marked by low institutional liquidity. Weak social sentiment around Bitcoin, with a ratio of four to five negative comments, suggests a potential breakout, as contrarian traders may benefit from prevailing pessimism. Bitcoin's recent downtrend is attributed to holiday-related market inactivity, with expectations for increased trading activity post-Christmas. The anticipated trading range for Bitcoin this week is between $94,000 and $105,000, with President-elect Donald Trump's inauguration on January 20, 2025, seen as a potential catalyst for price movement.
