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Institutional tax-loss harvesting weighs on the Bitcoin price as 2021 comes to a close By



© Reuters.

2021 has been a breakout year for the cryptocurrency market as a whole despite the year-end struggles that have kept the price of (BTC) pinned below $48,000, much to the chagrin of the cadre of folks who had been calling for a $100,000 BTC moonshot.

Data from Cointelegraph Markets Pro and TradingView shows that the past 24 hours have been a rollercoaster ride for the top cryptocurrency after a brief dip below $46,000 in the early trading hours on Dec. 30 was quickly bought up to push the BTC price back above $47,500 by midday.

BTC/USDT 4-hour chart. Source: TradingView
1-week chart. Source: Twitter (NYSE:)
BTC/USDT 4-hour chart. Source: Twitter