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BTC buyers take to the sidelines at $50,700

Over the past week, Bitcoin climbed 8.77% to $50,775. On Friday, the price action added 0.75%. Subdued volumes were seen over the weekend amid rangebound trading. On Sunday, the price declined to $49,412, with horizontal support from tops of $49,500 (December 15), $49,436 (December 16), $49,329 (December 21) and $49,576 (December 22). The price action rebounded from that level to $51,280.

Bitcoin has been trading in the upper bound of the range since December 4. Buyers were once again held back by the 51,300-$51,800 resistance zone. Volumes remain thin on all trading floors due to the Christmas holidays. Investors need more positive news, otherwise buyers will not be able to take out resistance without volumes.

We also note that Bitcoin has been in an uptrend since December 20 amid falling volumes. Any unsuccessful attempt by buyers to break out of $55k and $57k could lead to a collapse in prices with longs closed and stop losses triggered. We await the opening of the North American trading session since the dynamics of stock indices might give a boost to cryptocurrencies.

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