Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600.

BTC/USD one-hour candle nautical chart (Bitstamp). Source: TradingView

RSI flashes "oversold"

Data from Cointelegraph Markets Pro and TradingView showed the pair giving upward ground prior to the Wall St. open up to increase its 48-60 minutes correction to 10.4%.

The latest move in a familiar design of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play.

Equally market participants resigned themselves to a lackluster stop to the yr, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes.

Bitcoin'south relative strength index (RSI), in addition to other bullish signals, had entered "oversold" territory during the dip in what is a archetype buy-in trigger.

"If you are trading pocket-size fourth dimension frames, there'due south very solid take a chance/advantage of punting longs here," he wrote in one of several tweets nearly the opportunity.

"RSI oversold, hourly about to make a balderdash div, at the range EQ, low conviction selling on minimal volume."

BTC/USD subsequently bounced from the lows to return above $47,000.

Melker had previously defended the retracement from $52,000, arguing that "nothing had changed" overall for rangebound Bitcoin.

Brandt: Panic sell-off "still yet to happen"

Not anybody, nonetheless, was optimistic.

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Peter Brandt, the veteran trader who earlier in the calendar week had warned of "faux breakouts" in thin-liquidity markets over the holidays, now eyed room for further downside.

A phase of "panic capitulation" worse than early December appearing is nonetheless a topic of debate.

Retail investors, others argued, were likely not prone to mass selling at current levels, pointing to increases in small-scale-balance wallets and testify of stiff hodl beliefs throughout the year.