Bitcoin has been dancing on critical support over the weekend after it was rejected north of $48,000. The first crypto by market cap has experienced a persistent downwards trend and trades at $45,937 with 1.5% losses in the past day. Related Reading | TA: Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up It seems any attempt from the bulls to take back control it’s faded due to aggressive selling pressure. Bitcoin could be negatively reacting to a more hawkish U.S. Federal Reserve, and fresh uncertainty in the legacy market as COVID-19’s Omicron variant spreads. The financial institution led by Jerome Powell has been hinting at an early start of tapering. According to pseudonym analyst Lightcrypto, this caused large investors to de-risk and dump their positions when BTC made a run for $60,000. In consequence, these institutional operators changed their strategy to protect their end-of-the-year (EOY) profits and were cautions to re-enter the market in these current conditions. Light, similar to other analysts, believes Bitcoin has been seeing “programmatic selling behavior”. OTC flows all this week have all been people tapering their positions. Today marks the final day of the year for many funds and corps. I dont have a feel if that means for the market.historically we've the gambit of price action during the holidays w/ Q1 setting a new trend. — IamNomad (@IamNomad) December 17, 2021 As NewsB...
