Market Overview

BTC Lightning Network Capacity Triples In a Month: Bitcoin Price Stuck In a Tight Range

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BTC Lightning Network Capacity Triples In a Month: Bitcoin Price Stuck In a Tight Range
  • December has seen the growth remain stable around $3.25 million SAT.
  • Bitcoin has been unable to correct above $4,000 since the slide on December 25.

The lightning network has experienced massive growth since November 2018. The network has grown by more than 200% breaching the $2 million level. The information provided by Bitcoin Visuals, a website that collects BTC statistics show that the daily levels were hitting $1.1 million Satoshis (SAT) at the beginning of November. However, the last 6 weeks have seen the network blow off the roof. For instance, from November 20, where the network achieved $2 million SAT to $3.2 million in the following days. December has seen the growth remain stable around $3.25 million SAT.

Bitcoin price technical picture

Bitcoin has been unable to correct above $4,000 since the slide on December 25. The bears seem to be back after they gave the bulls a chance to breath in the days leading to Christmas celebrations. Bitcoin had traded highs around $4,238.11 before starting to deflate. A break below the trendline support at $4,032. This initiated a sharp drop below $4,000 as well as the 50 and the 100 Simple Moving Averages in the 1-hour range.

Luckily, the declines found a soft landing at $3,700 as the buyers came in to stop further breakdown. At the moment, BTC/USD is stuck in a tight bear range with a resistance at $3,863.81. The price is still trading below the Simple Moving Averages while the digital asset is valued at $3,750.

The path of least resistance is sideways according to the Relative Strength Index levels shown. Since the slide on December 25 the indicator has not explored the oversold region in addition to the current upward slope around 50.

If Bitcoin can correct out of the tight range, then we can a growth towards $3,900 (seller concentration zone) and $4,000 (second resistance level). The key hurdle is at $4,238.11 (probably out of reach for Bitcoin in the remaining days this month).

BTC/USD 1-hour chart

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Posted-In: BitcoinCryptocurrency Earnings Fintech News Forex Global Markets

 

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