Bitcoin price: Green covers
Bitcoin (BTC) - the world's largest cryptocurrency with a market value of recovery of 1.01%, reached 84,463.50 USD.
This new price contributes to bringing market capitalization to 1,672 billion USD, down 155 billion USD. On the other hand, trading volume in the 24 hours decreased by 49.5 billion USD, reaching 72.94 billion USD.
Assessment and forecast
Bitcoin continued to expand downward over the past 24 hours, falling to 84,155 USD, holding steady below the 85,000 USD mark. The prolonged weakness reflects increased instability as the selling side is controlling the market.
Total cryptocurrency market capitalization has evaporated 91 billion USD in 24 hours, currently at 2.84 trillion USD.
If the decline accelerates, Bitcoin could break the $82,503 mark, slide to $80,000 or lower.
The overall index may have to fall further to test the key support zone at $2.80 trillion, which has played a steady role in previous declines.
This development will increase investors' losses and strengthen the downtrend. Weak liquidity and risk avoidance can make the short-term downward pressure increase.
If Bitcoin successfully bounces back from the $82,503 support zone, the momentum could reverse. The hoi could take Bitcoin above $82,504 and towards $89,800. The recovery of this price zone will deny the argument of price reduction and improve the psychology of traders.
The current slight increase shows that sentiment is improving, denying the thesis of price reduction and restoring confidence in the whole market.
In Vietnam, the cryptocurrency asset market has been piloted since September 9, with a pilot implementation period of 5 years.
However, organizations and individuals participating in the cryptocurrency asset market must comply with relevant legal regulations on prevention and control of money laundering, terrorist financing, sponsorship of the dissemination of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the cryptocurrency asset market and other relevant specialized laws.
