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Bitcoin (BTC) continues to lose floor in December, a sign that merchants could also be locking of their features earlier than the tip of the yr. The dearth of a Santa rally within the U.S. fairness markets signifies that the risk-off sentiment prevails as a result of uncertainty concerning the unfold of the COVID-19 omicron variant in a number of components of the world.

Even after the sharp drop in Bitcoin’s worth, the demand from institutional buyers stays tepid, and knowledge exhibits that the most important institutional Bitcoin product, the Grayscale Bitcoin Belief (GBTC), is trading at a discount of more than 20%.

Day by day cryptocurrency market efficiency. Supply: Coin360

Veteran dealer Peter Brandt stated that “high volume panic capitulations” usually signal a bottom in Bitcoin and that has not but occurred throughout the present decline from the all-time excessive. This might be a touch that the “actual” capitulation is but to occur.

Might Bitcoin and most main altcoins proceed their down transfer within the subsequent few days or will a Santa rally come to the rescue? Let’s research the charts of the highest 10 cryptocurrencies to seek out out.