Bitcoin price: Continue to depreciate
As of 5:32 p.m. today (December 16), Bitcoin - the world's largest cryptocurrency by market value continued to decline by 3.75%, down to 86,420.68 USD.
This new price contributes to bringing market capitalization to 1,725 billion USD, down 17 billion USD. On the other hand, trading volume in the 24 hours was at 46.54 billion USD, up 15.45 billion USD.
Assessment and forecast
Major currencies fell across the board in this morning's session, extending the clearly weakening model compared to the US stock market.
After moving sideways around below $90,000 overnight, Bitcoin suddenly plummeted to $85,600, down 3.6% in 24 hours.
The unfavorable developments of Bitcoin in the trading period in the US at first glance showed weak demand from investors. However, some opinions say this may be related to the operating mechanism of spot- delivery Bitcoin ETFs, which started trading in January 2024.
In macroeconomic developments, the Bank of Japan (BoJ) is expected to raise the benchmark interest rate for the first time in nearly a year. The Bank of England (BoE) and the European Central Bank (ECB) will also meet this week to discuss monetary policy.
Despite the strong fluctuations yesterday (December 15), Bitcoin is still fluctuating within the range, at the bottom of late November around 80,000 USD and below the peak of early December around 94,000 USD.
Order book data on exchanges shows that buying power is concentrated around the 85,000 USD mark for the BTC-USDT pair - the pair with the highest liquidity. This could help block the decline and create a short-term support zone for prices.
As the possibility of a year-end price increase is increasingly blurred, investors are showing a downward risk trend. However, according to Mr. Jasper De Maere - OTC trader at Wintermute, selling pressure is still quite orderly.
"The inability to form a clear rally at the end of the year has made the market more fragile in the short term, but the current price action reflects the process of accumulation and clearing positions, not a widespread risk avoidance" - he said.
According to Mr. Maere, this development is more like the " digestion" phase at the end of the year than a long-term restructuring change of the market.
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.
