Bitcoin (BTC<\/a>) stuck rigidly to its tight range on Dec. 23 as price action continued to contradict strong buying activity.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD failing to hold $49,000 after hitting 10-day highs.<\/p>\n The pair remained stuck in a trading zone only around $4,000 wide, a key factor fuelling bets that a \u201cshort squeeze\u201d would hit over the holiday period.<\/p>\n Against declining volatility, data reinforced conviction among investors, with the supply being bought up at roughly three times the rate of new BTC being mined.<\/p>\n \u201cStrong handed HODLers are absorbing supply at more than triple the rate of new coins being mined each day,\u201d on-chain analytics firm Glassnode summarized in the latest edition of its weekly newsletter, \u201cThe Week On-Chain<\/a>.\u201d<\/p>\n Glassnode additionally noted that at a spot price of $47,000, over one-quarter of the BTC supply was underwater compared to when it last moved.<\/p>\n As Cointelegraph reported<\/a>, the likelihood of a squeeze up or down on BTC\/USD will likely increase over the new year as decreased activity thins out liquidity and allows for volatility to enter more easily.<\/p>\n #BTC<\/a> Update ✅#Bitcoin<\/a> bounced 8% Throwback and S&R flip likely from here. \u2014 AN\u20bfESSA (@Anbessa100) December 22, 2021<\/a><\/p><\/blockquote>\n Among traders, $50,000 remained the point to watch for resumption of a more bullish stance.<\/p>\n Among altcoins, Wednesday\u2019s exuberance was waning, with only two of the top 10 cryptocurrencies by market capitalization still in the green on daily timeframes at the time of writing.<\/p>\n Related:\u00a0Price analysis 12\/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE<\/a><\/em><\/strong><\/p>\n The standout was XRP<\/a>, which maintained weekly gains of over 18% to return to $1 for the first time since the start of December.\u00a0Ether (ETH<\/a>) was back below $4,000.<\/p>\n For Cointelegraph contributor Micha\u00ebl van de Poppe, however, signs were flowing in that a new year\u2019s rebound made buying this week a solid strategy.<\/p>\n \u201cMore and more weekly charts are shaping up beautifully on the altcoins,\u201d he told<\/a> Twitter followers. <\/p>\n \u201c2022 will be massive.\u201d<\/p><\/blockquote>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/74ab599d-c535-4599-b22b-ccab2bef34be.png\")
Hodlers busy accumulating<\/h2>\n
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$46k re-entry after selling $52k & back up to $50k<\/p>\n
Only a breakout above $50k would be the significant breakout and LONG entry #midterm<\/a> in case u missed this bounce (downtrend breakout) pic.twitter.com\/eKICOZLza6<\/a><\/p>\n\u201cSanta rally\u201d comes to XRP as altcoins simmer<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/dc0e46f5-7e79-41f6-a441-3a2eff6ef656.png\")