Bitcoin price: Unexpectedly high increase
As of 5:00 p.m. today Vietnam time, Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value continued to rotate, currently increasing strongly by 5.6%, reaching 91,705.41 USD.
This new price contributes to bringing market capitalization to 1,829 billion USD, up 94 billion USD. Similarly, trading volume in 24 hours increased by 13.29 billion USD, reaching 73.17 billion USD.
Assessment and forecast
The cryptocurrency market is entering a recovery phase, bringing improvement to most major exchanges. Total market capitalization has increased by 86 billion USD in the past 24 hours, showing a return of confidence and stronger cash flow into the market as investors reacted to the context of improved macro.
If investors switch to taking profits, total market capitalization may lose momentum. falling below 3.05 trillion USD and then below 3.00 trillion USD will invalidate the bullish argument, returning the market to a weak state and risking to adjust to 2.93 trillion USD.
Bitcoin (BTC) recorded its first significant increase after a series of days of decline, regaining a part of its recent losses. The number one cryptocurrency has surpassed the 90,000 USD mark in the past 24 hours, showing a return of buying power and improved market sentiment.
Maintaining this zone is necessary for Bitcoin to surpass $91,521 and could head toward $95,000 as the rally spreads across major assets. If market conditions deteriorate, Bitcoin may lose support. A decrease below $89,800 could take the BTC to $86,822 or lower. This will invalidate the bullish case and signal the return of downward pressure in the short term.
MERL quickly became the center of attention after increasing by 143% in 24 hours, currently trading at 0.530 USD. The strong increase has attracted great attention from investors looking for opportunities in the context of a market recovery.
If the uptrend continues, MERL can maintain its breakthrough momentum. Strong enough buying power can help prices overcome important resistance levels, strengthen the upward structure and attract more cash flow.
If the momentum weakens or investors take profits, MERL can adjust. A drop below $0.504 could take the price to $0.437, invalidating the bullish case and opening a new correction.
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.
