Bitcoin price: Deep decrease
This morning (November 16), Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value continued to decline by 1.7%, reaching 95,936.78 USD.
This new price contributes to bringing market capitalization to 1,913 billion USD, down 8 billion USD. Similarly, trading volume in 24 hours fell sharply by 61.05 billion USD, down to 68.62 billion USD.
Assessment and forecast
Bitcoin fell to a six-month low on Friday (November 14), as a wave of sell-offs on risky assets spread due to hopes of the Federal Reserve cutting interest rates at the upcoming meeting fading.
Khoang selling activity in the US stock market has cooled down slightly but investor sentiment is still tense as they prepare to welcome a series of economic data due next week, after the government reopens after a record 43-day closure.
Mr. Juan Perez - Trading Director at Monex USA (W Washington) - commented: " Bitcoin and the cryptocurrency market in general often fluctuate positively with stocks. Therefore, it has not become an alternative as other markets fluctuate strongly".
"When investors are not excited about risk assets, hesitation also spreads to Bitcoin and similar assets," Perez added.
Risk assets have been under strong pressure in recent days as the possibility of the Fed cutting interest rates in December has decreased, as more and more officials show a loose delay trend. Kansas Fed President Jeffrey City Schmid, a voting member, recently expressed concern about "too hot" inflation, far exceeding the impact of tariffs.
Currently, the market only rates about 40% of the possibility of the Fed cutting interest rates in December, down sharply from 90% at the beginning of the month and more than 60% at the beginning of the week.
In the early afternoon trading session, Bitcoin - the world's largest cryptocurrency decreased by 2.3% to 96,564 USD, before falling to 95,885.33 USD at one point, the lowest level since May 7.
Dave Rosenberg - President of Rosenberg Research - commented that Bitcoin has entered the "priced market" by falling more than 20% in just over a month. He also pointed out large withdrawals from Bitcoin ETFs, up to $870 million on Thursday alone.
Since reaching a peak on October 7, the total cryptocurrency market capitalization has evaporated by more than 1,000 billion USD, equivalent to 24%.
The current context is still leaning towards a downward trend, according to analysts. According to Glassnode, long-term Bitcoin investors are accelerating their profit-taking. Data from CryptoQuant shows that the group has sold 815,000 bit bit bitches in the past 30 days - the highest level since January 2024.
