Bitcoin (BTC) continues to lose floor in December, a sign that merchants could also be locking of their good points earlier than the top of the 12 months. The dearth of a Santa rally within the U.S. fairness markets signifies that the risk-off sentiment prevails because of the uncertainty concerning the unfold of the COVID-19 omicron variant in a number of elements of the world.

Even after the sharp drop in Bitcoin’s value, the demand from institutional buyers stays tepid, and information exhibits that the biggest institutional Bitcoin product, the Grayscale Bitcoin Belief (GBTC), is buying and selling at a reduction of greater than 20%.

Day by day cryptocurrency market efficiency. Supply: Coin360

Veteran dealer Peter Brandt stated that “excessive quantity panic capitulations” often sign a backside in Bitcoin and that has not but occurred throughout the present decline from the all-time excessive. This may very well 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.