Cryptomarket is on the retracement

Weekly summary on Bitcoin

Retracement is the predominant mood for the market. Last week BTC had even briefly plummeted to almost $17 500. Nevertheless, buyers have always been active when abrupt declines took place. Finally, the charts went bearish because many transactions were closed to take profit on recent growth and before the end of the year. It was also done due to the understanding that the asset is overbought. Altcoins followed Bitcoin in this correction.

The activity of institutions (such as recent investments by MicroStrategy and Square made to increase their BTC holdings) may potentially boost the BTC price. It remains to observe if this institutional investment trend continues.

There is no consensus view of a current pullback of the Bitcoin price. Some find it to be a short-term correction and others expect the price rally to resume.

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