Bitcoin price: Deep decrease
This morning (November 15), Bitcoin (BTC) - the world's largest cryptocurrency according to market value "turned around" and fell sharply by 4.79%, reaching 96,309.03 USD.
This new price contributes to bringing market capitalization to 1,921 billion USD, down 112 billion USD. In contrast, trading volume in the 24-hour reversal period increased by shockingly 52.77 billion USD, reaching 129.67 billion USD.
Assessment and forecast
The latest decline in Bitcoin (BTC-USD) is surprising the market. After months of trading with the mentality of being almost unstoppable, the world's largest cryptocurrency has slid below 95,000 USD for the first time in about half a year, down 4.3% to 94,508 USD.
In just one session, investors have withdrawn about $870 million from Bitcoin ETFs, marking the second largest withdrawal since the funds were launched. This move follows the shock of liquidating 19 billion USD in October, which has skyrocketed more than 1,000 billion USD in cryptocurrency market capitalization, along with 1 billion USD in leverage position being "erased" in just the past 24 hours.
For traders who saw Bitcoin peak at $126,251 in early October and end 2024 at $93,714, the current developments could be a signal that the market is still struggling to find a new balance.
Notably, Bitcoin is increasingly moving in sync with macro market sentiment.
A brief recovery in US stocks at the beginning of the week, after the government reopened, quickly faded as economic data was delayed. This also makes traders question whether the Fed has enough basis to cut interest rates early.
That hesitation is spreading to risk assets, and cryptocurrencies, which fluctuate more strongly, are being hit hardest.
Liquidity has decreased sharply, the market depth has shrunk by about 30% compared to this year's peak, making each large trading order more susceptible to strong price fluctuations. Some strategists believe that Bitcoin's sensitivity to macro risks will continue until the institutional cash flow expands significantly beyond Bitcoin and Ether.
In a market where liquidity continues to decline and macro signals continue to rotate, investors will realize that the next step of cryptocurrency depends more on the system's ability to withstand pressure than on stories or expectations.
