Bitcoin price: Reversal to increase
As of 5:07 p.m. today (December 10), Bitcoin - the world's largest cryptocurrency by market value witnessed a strong increase of 3.09%, to 92,944.97 USD.
This new price contributes to bringing market capitalization to 1,855 billion USD, an increase of 57 billion USD. In the same direction, trading volume in the 24 hours was at 64.92 billion USD, up 8.64 billion USD.
Assessment and forecast
Bitcoin (BTC) is trading above $92,000 before an important FOMC meeting, in the context of the cryptocurrency market expecting a continued recovery to officially confirm the recovery trend. Matrixport forecasts the market will move sideways even though the Fed is likely to continue cutting interest rates by another 25 basis points.
Global investors are also closely following Fed Chairman Jerome Powell's speech after the meeting, especially the monetary policy outlook for 2026 after the QT (QT) tightening program ends.
Today's FOMC meeting is seen as the final major driver for the upside price potential of Bitcoin and the cryptocurrency market. Matrixport predicts that Bitcoin will continue to trade within a narrow range in December.
The company's expert said that expected fluctuations imply a decrease in the outlook for sideways, especially when the fluctuations often cool down during the holiday season.
Analyst Mark Thielen added that the possibility of Bitcoin breaking through strongly after the FOMC to accelerate by the end of the year will decline if there is no Bitcoin ETF cash flow for immediate delivery or new catalysts.
Traders remain cautious ahead of the Fed's interest rate decision, Powell's press conference on policy prospects, and new FOMC economic forecasts. The market expects the end of QT last week to continue to improve financial and liquidity conditions, including the cryptocurrency market.
However, Matrixport believes that the adjustment to the 88,000 USD zone has begun to take place. BTC options data on Deribit shows traders believe that Bitcoin prices could be stuck below the 100,000 USD mark until March next year.
PlanC analyst believes that if Bitcoin breaks the downtrend and surpasses $93,000, the price could open up towards $100,000. However, if BTC is strongly rejected in this trend line, the two-month downtrend will continue, creating a new low bottom.
Analyst Ali Martinez noted that Bitcoin has adjusted in 6/7 recent FOMC meetings, with only the May meeting seeing the BTC increase in the short term.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
