Bitcoin Price Rejects $52K Again – Accumulation Phase Continues As Expected Over the Vacations
Bitcoin price will continue to move sideways for some time to come.
The Christmas presents that some people hoped for were not delivered this year. The first one was a $100K Bitcoin. After mourning this first gift, the second present that many investors in the world of Bitcoin were hoping for was to break through the resistance at $52K. Breaking this resistance could have allowed the price of Bitcoin to break out of the accumulation phase it has been in since the beginning of December 2021.
However, the Bitcoin price was once again rejected at $52K while many long positions were liquidated in the process. Nothing to be alarmed about though!
We are still in the vacation season, and it was obvious that the price of Bitcoin was going to move in a rather choppy manner with no real trend for the end of 2021. With institutional investors out of the market, it's mainly retail investors who dictate the trend, and their attitude is largely driven by their emotions.
And we all know that emotions are the worst enemy in a free market like Bitcoin. If you let your emotions get the better of you, you will fall into FOMO, as some have done, as soon as the price of Bitcoin crosses $50K again. You will fall into fear as soon as its price falls back below $47K as it is doing now.
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