Bitcoin Remains in Standby Mode: Weekend Market Activity Before Holiday Fluctuations

Bitcoin has entered a standby mode as we head into the weekend, with its price remaining within a well-known range. Volatility is low, momentum is scarce, and traders are mainly focusing on clearly defined scalp levels rather than anticipating a significant price movement. With the holiday season approaching, patience and precision are key as the market looks for its next major catalyst.

Key Takeaways

Bitcoin is experiencing low volatility and is trading within a familiar range this weekend.
Analyst Lennaert Snyder is watching for specific price levels for potential scalp trades.
A pivotal price point to watch is $89,375 for possible upward movement toward $90,400.
Analyst Daan Crypto Trades suggests that now might be a good time for traders to take a break and reset mentally before the market potentially shifts during the holidays.

Bitcoin

Bitcoin Enters Weekend Range Mode

As noted in a recent update, analyst Lennaert Snyder has observed that Bitcoin has returned to a phase of "weekend chop." While he does not foresee any prominent trending movements during this period, he has identified several specific scalp scenarios and price traps to capitalize on any short-term volatility.

If Bitcoin touches near $88,865 and tests the resistance area above, he will be looking for scalp-short opportunities, particularly if it fails to maintain that level. On the other hand, for those intending to go long, he is monitoring the $87,420 mark, which represents the beginning of the previous impulse and a crucial support area. Should the price reach this level, Snyder plans to look for clear reversal patterns that signify a potential scalp-long entry.

Bitcoin BTC’s price in waiting | Source: Chart from Lennart Snyder on X

However, if the market breaks below this support ("start impulse"), Snyder believes there is a high likelihood of a continuation short down to the low of $85,890. Once the price reaches these lower levels, he will adjust his strategy to wait for signs of a reversal to a long position.

Finally, Snyder highlighted a significant breakout point: if Bitcoin can sustain a price above $89,375 (the peak of the resistance zone), he anticipates the market will begin to move towards the $90,400 area. While he does not expect this breakout to occur before Monday, he has set alerts and recommends traders take the weekend to enjoy themselves.

Weekend Stagnation Keeps Bitcoin Range-Bound

In a post on X, analyst Daan Crypto Trades noted that Bitcoin is entering the weekend in a period of relative stagnation. He suggested that this is a great opportunity for traders to take a step back and reset mentally, preparing for potential shifts in market dynamics in the upcoming week.

Despite some fluctuations, Bitcoin’s price has remained largely unchanged over recent weeks. The cryptocurrency is firmly situated in the middle of its established range, lacking the momentum required to break into new highs or descend into a deeper correction.

Daan Crypto Trades cautioned that the coming week is likely to see more choppy price movements, as market activity typically slows down significantly around the Christmas holidays.

Bitcoin BTC trading at $88,252 on the 1D chart | Source: BTCUSDT on Tradingview.com