Bitcoin faced rejection after reaching highs of $52,100 on Dec. 27, shedding nearly 10% to lows of $46,643 on Dec. 29. At press time, Bitcoin was exchanging hands at $46,900, down 5% in the last 24 hours.
Bitcoin is presently down 17.76% for December, with only two days left till the end of 2021. Bitcoin's chances of ending December on a positive note remain quite slim. a cryptoanalyst and economist, argues that all hope is not lost, based on historical data. He mentioned that Bitcoin has historically performed well in the first week of the year, referring to this as the"first week of the year effect."
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