Bitcoin price: fluctuating around new price
As of 5:57 p.m. today Vietnam time, Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value continued to rotate, currently down 1.1%, reaching 90.634.58 USD.
This new price contributes to bringing market capitalization to 1,808 billion USD, down 21 billion USD. Similarly, trading volume in 24 hours decreased by 18.31 billion USD, reaching 54.86 billion USD.
Assessment and forecast
Bitcoin's recovery in recent days shows the first clear sign of buying power from the US in many weeks, when the Coinbase Premium Index turned positive after nearly a month below zero.
This change comes as the BTC fluctuated around $91,000 in the Saturday morning session in Asia.
In particular, the premium index - which tracks the price difference between Coinbase and the global market, often reflects capital flows from the US in previous cycles.
The negative level often signals withdrawal capital or risk-off sentiment of US institutions.
In contrast, sustained positive levels often overlap with better ETF buying and USD liquidity.
Thursday this week marked the first time since late October that spot prices on Coinbase have continuously exceeded the global average.
stablecoin on Binance hit a record $11.1 billion in November, signaling a "waiting" capital source on the sidelines.
In other reports earlier in the week, Kronos and Presto said the recent rally was just a technical hoistand after an over sell situation, taking place after two weeks of strong liquidation of positions using leverage.
However, the BTC is still stuck between two important regions. Alex Kuptsikevich of FxPro warned that the $90,000 price - a key reaction zone at the beginning of the year - could become resistance, and the bulls need to clearly break the $95,000 mark to regain the trend.
If it falls below 87,000 USD, the BTC is at risk returning to the 80,000 USD zone and extending the sell-off period of November.
Meanwhile, the market sentiment index has increased to 25, escaping the "extreme fear" zone, but has not yet shown a clear psychological reversal. Only 1 of the 7 major exchanges increased in the past 24 hours, showing that the recovery momentum is still narrow, although the total market capitalization of cryptocurrency is still around 3.1 trillion USD.
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.
