Bitcoin (BTC<\/a>) is not about to bottom at just below $17,000, warns a new analysis as bid liquidity dries up.<\/p>\n In social media posts after Christmas, on-chain analytics resource Material Indicators flagged waning interest in protecting the current BTC price range.<\/p>\n With volatility still largely absent from Bitcoin markets, analysts are keenly eyeing what could happen at this week\u2019s yearly close.<\/p>\n The closing price for BTC\/USD on Dec. 31 will also mark the conclusion of the weekly and quarterly candles, and any flash volatility could turn 2022 into a nightmarish bear market year.<\/p>\n As Cointelegraph reported<\/a>, the pair is currently down around 60% year-to-date, while it has lost 76% versus its latest all-time high from November 2021.<\/p>\n This may still not be enough to cap the bear market, various analysts have warned; and now, order book data appears to underscore the potential for fresh losses.<\/p>\n \u201cNothing illustrates sentiment for a price level like liquidity, and there does not appear to be much sentiment for this price level being the bottom,\u201d Material Indicators commented<\/a> on a chart of BTC\/USD order book activity on Binance.<\/p>\n On Dec. 27, another post argued<\/a> that there was not \u201cmuch to be excited about\u201d given current order book volumes, these also showing large-volume traders reducing exposure.<\/p>\n \u201cBTC ranging prices have a lot to do with declining whale interest,\u201d research firm Santiment continued<\/a> on the topic.<\/p>\n Another chart highlighted what Santiment said was a \u201ccorrelation\u201d between large transactions of $1 million or more and overall BTC price strength. Those transactions are now at their lowest levels since December 2020.<\/p>\n \u201cIf prices continue sliding and a spike occurs, this would be a historically bullish signal,\u201d it added.<\/p>\n In its \u201cJust Crypto\u201d end-of-year summary and forecast, meanwhile, trading firm QCP Capital had more bad news for crypto hodlers.<\/p>\n Related:\u00a0Bitcoin hodlers sit on record 8M BTC in unrealized loss, data shows<\/a><\/em><\/strong><\/p>\n Both Bitcoin and Ether (ETH<\/a>) are due to begin a \u201cWave 5 extension lower\u201d to begin 2023, analysts believe<\/a>, in line with risk assets and the U.S. dollar and bonds seeing renewed strength.<\/p>\n \u201cWe continue to expect any large rallies in BTC to meet significant selling pressure,\u201d they wrote, describing Bitcoin as \u201ctrading in lock-step\u201d with ETH.<\/p>\n An additional correlation of its own centered on ARK Invest\u2019s ARK Innovation (ARKK) exchange-traded fund.<\/p>\n \u201cARKK price action is leading BTC by 2 months, which forewarns of lower BTC prices to come,\u201d QCP added alongside a comparative chart.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\nBinance order book leaves \u201cnot much to be excited about\u201d<\/h2>\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ca83a626-4094-4e7d-92bb-9007fcb5b66b.png\" "\\"\\"")
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/4a7a1427-87d8-42a2-a11a-0238243ae043.png\" "\\"\\"")
\u201cLower BTC prices to come\u201d<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/19e41763-65be-443a-8cd6-ccc2fbff0145.png\")