Bitcoin price: Slight increase
As of 5:11 p.m. today (December 17), Bitcoin - the world's largest cryptocurrency by market value increased by 0.11%, reaching 86,419,46 USD.
This new price contributes to maintaining market capitalization at 1,725 billion USD. On the other hand, trading volume in the 24 hours was at 38.97 billion USD, down 7.57 billion USD.
Assessment and forecast
Bitcoin (BTC) prices are under pressure again after a recent decline, pushing BTC closer to the bottom of the current range.
Although the risk of depreciation still exists, the persistent confidence of long-term investors is preventing the market from falling into a deeper correction. Long-term investors continue to play a role as a stabilizing force for prices.
According to Mr. Rafael - Co-founder of Glassnode, the amount of Bitcoin in the reserves of listed companies continues to increase, despite the BTC adjusting it from the 125,000 USD mark. This trend shows that organizations do not sell off widely. Many stocks related to Bitcoin are trading below the value of adjusted net assets (mNAV), but accumulation in corporate Treasury is still taking place.
The move reflects the resilience of large investors, who appear to be betting on resilience rather than seeking to get rid of it in the short term. The absence of a panic sell-off shows confidence in the long-term value of the BTC.
On-chain data also shows changing macro dynamics. The ratio of supply held by short-term investors to long-term investors has increased to 18.4%. This figure exceeded the above statistics by 16.9%, showing the increasingly large influence of the group of short-term investors.
The high proportion of short-term investors often makes the market more sensitive to capital flows. This group tends to react quickly to price fluctuations, thereby amplifying the level of fluctuations. Therefore, Bitcoin may record strong fluctuations during the day, while long-term investors still play a role in supporting the structure whenever prices adjust.
Currently, the BTC is sending mixed signals from the persistent holding of long-term investors and the quick reaction of short-term investors. This balance is likely to limit deep declines, but also curb strong increases. When the group of short-term investors dominates the momentum, the BTC can continue to move sideways to accumulate.
Conversely, if the support level of 86,361 USD is lost, price movements may turn negative. At that time, the $84,698 area will become the next support level. If it continues to penetrate this area, the BTC is at risk of falling below 85,000 USD and facing the possibility of a deep decrease of 82,503 USD, thereby neutralizing the optimistic scenario.
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.
