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Buyers attempt to turn the market around

Bitcoin traded lower on Wednesday, December 29, capping a two-day losing streak. Price action slumped 2.27% to $46,464. The pullback continued to $45,900 during Thursday’s Asian session. The decline has nothing to do with the stock or FX markets. The leading cryptocurrency remains under selling pressure from large investors who have decided to exit their positions ahead of year end for financial reporting.

Price action bounced back 2.82% after sliding 11.88% to $45,900. The rebound occurred from the lower end of the $45,500-52,000 range. Today's close will show whether or not it is successful as trading floors have a shortened schedule on Friday.

Institutional demand for Bitcoin is in decline heading into the end of the year. Notably, the Grayscale Bitcoin Trust (GBTC) continues to trade at a deep discount to its underlying net asset value (NAV). Furthermore, the ProShares Bitcoin Strategy ETF (BITO) is currently trading nearly 30% below its starting price. If price action holds above $45,500 until January 3, buyers will have another chance to resume the rally in Q1 2022.

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