Bitcoin Price Holds Above $7.1K as Trader Eyes Q1 2020 Bottom Forming

Bitcoin (BTC) continued trading sideways on Dec. 27 after spending the Christmas period broadly free of volatility.

Cryptocurrency market daily overview. Source: Coin360

BTC “relaxes” this Christmas

Data from Coin360 showed BTC/USD hovering practically in the middle of its monthly range between $6,500 and $7,770. 

At press time, the pair hovered at $7,180, having barely moved over the past 24 hours. The picture had remained static since a curious uptick to $7,660 fizzled earlier in the week.

Bitcoin 7-day price chart. Source: Coin360

As 2019 draws to a close, traders appeared calm — serious movements, they suggested, would be confined to later Q1 next year.

For regular Cointelegraph contributor Michaël van de Poppe, that time would come in either January or February, when Bitcoin should put in a new low in USD terms.

“January – February 2020 bottom formation,” he summarized in a tweet on Christmas Day. In a further post, he described overall market conditions as “relatively…