(12/8, Thu) btc fell below $17k probably due to the stock market's move

Yesterday(12/7 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $17075, its lowest as $16650, its highest as $17130, its closing as $16817. Bitcoin reached a peak 30 minutes after the start of Wednesday, then moved sideways, and started to fall from 06:00, reached a bottom at 07:00, rebounded weakly, and moved sideways to close -1.5% down.

Looking at the 4hr chart, it fell below $17k and moved sideways, and the chart, which showed an N-shaped uptrend two days ago, is turning into an inverted N-shaped downtrend, so it seems difficult to rise for the time being. On the daily chart, $17k, which had been supported for the past 7 days, was broken, and if it does not rise above $17k quickly, further decline is expected.

There is news in the crypto industry, it is said that Canada's largest pension fund, CPP Investments has stopped seeking investment opportunities in the crypto market and it will not invest directly in cryptocurrency. This tells the current atmosphere of the crypto market and can be seen as the opposite of the second half of 2020, and if such large funds do not enter the crypto market, it is unlikely that this market will not rise significantly for the long time.