With the odds of a squeeze still high and ample liquidity below recent lows, traders are betting on volatility as 2021 ends. Bitcoin ( BTC ) recovered from fresh lows on Dec. 30 as markets remained undecided on their end-of-year trajectory. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $46,000 may not mark floor Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing to $47,731 on Bitstamp, reversing almost all of the previous day's losses. Prior to the Wall St. open, the pair was still above the $47,000 mark, as traders nonetheless warned that choppy BTC price action was not yet over. "Pretty boring markets lately. Just a process of bottoming out for Bitcoin," Cointelegraph contributor Michaël van de Poppe summarized . "We're retesting $46K as support, bounced, but we might need to take the liquidity beneath the lows before we're going to make some upwards runs again." That liquidity lay between $44,000 and $45,000 on the day, with Bitcoin having firmly reestablished its range bounded by resistance at $53,000 and above earlier in the week.  Against a low-liquidity holiday backdrop, the potential for sharp moves up or down remained. "Alongside an elevated possibility of a leverage squeeze, we also have a general decline in trading volume," on-chain analytics firm Glassnode noted in the latest edition of its weekly newsletter, The Week Onchain . "Quieter trading activity is typical towards years end, however on a 7-day average basis, futures market volumes have seen a YTD decline of 16%. Thinner volume, and rising open interest (in a concentrated exchange) is a combination that can be favourable to at least a localised leverage squeeze over the coming weeks." That squeeze, veteran trader Peter Brandt argued this week, is yet to happen. Not all quiet among traders As Cointelegraph reported , it was macro markets were making the headlines after Christmas with fresh, if dubious, all-time highs. Related:  Bitcoin ‘died’ 45 times in 2021 as media still eager to post BTC obituaries At the same time, institutional interest in Bitcoin appears comparatively low , characterized by the underwhelming performance of the U.S.'s first Bitcoin futures exchange-traded fund (ETF). "Total open interest in futures has almost doubled this year, rising by $9.57B (97%) to a total of $18.87B. This week alone has seen an increase of some $2.5B in open interest, primarily led by traders on Binance," Glassnode nonetheless observed. Bitcoin futures open interest chart. Source: Coinglass Binance's BTC balance increased throughout December, this potentially being down to migrating Chinese users from Huobi Global.