Bitcoin Enters 'Weekend Chop' as Holiday Lull Takes Hold
Bitcoin has slipped into standby mode as the weekend unfolds, with price action remaining compressed inside a familiar range. Volatility is muted, momentum is lacking, and traders are largely focused on well-defined scalp levels rather than expecting a decisive move. With the holiday period approaching, patience and precision are taking center stage as the market waits for its next real catalyst.
Analyst Lennart Snyder's Scalp Scenarios
Analyst Lennart Snyder characterizes Bitcoin's current state as "weekend chop," advising against expectations of major trending movements. He has, however, outlined clear scalp opportunities. Should Bitcoin test and fail to hold resistance around $88,865, traders might find shorting opportunities. Conversely, a strong reversal pattern at the key support level of $87,420, which initiated the previous impulse, could signal long scalp setups. For a significant upward move, Snyder points to $89,375 as the critical breakout point; holding above this could propel Bitcoin towards $90,400, though this isn't anticipated before Monday.
Holiday Trading: Patience and Precision Advised
Echoing this sentiment, Daan Crypto Trades highlighted Bitcoin's entry into the weekend with relative stagnation, suggesting it's an opportune moment for traders to reset before potential shifts next week. Despite various fluctuations, Bitcoin's price has largely stagnated, firmly holding within its established range. The market currently lacks the decisive momentum needed for either a breakthrough to new highs or a deeper corrective plunge. Daan Crypto Trades warned that next week will likely be characterized by more choppy price action, a common trend as market activity typically decreases around the Christmas holidays.
