Bitcoin price: Interspersed increases and decreases
This morning (November 8), Bitcoin (BTC) - the world's largest cryptocurrency by market value - continued to fall sharply by 2.22%, reaching 100.485.56 USD.
This new price contributes to bringing market capitalization to 2,004 billion USD, down 54 billion USD. On the other hand, trading volume in 24 hours increased by 16.71 billion USD, to 73.65 billion USD.
Assessment and forecast
Bitcoin accumulation sites have purchased more than 375,000 BTC in just 30 days, reaching an all-time high, as the "wallows" spent an additional 3 billion USD amid extremely scared psychology and macroeconomic challenges.
Strong buying continues, despite overall market demand slowing, while Bitcoin prices fluctuate around $100,000 amid cautious sentiment and a 37-day US government shutdown, causing US GDP to fall by $15 billion a week.
Meanwhile, Bitcoin wallows have added nearly 30,000 BTC (worth about 3 billion USD) this week alone. This move is in complete contrast to the panic wave of retail investors and capital withdrawals from ETFs, after Bitcoin fell 20% from the historical peak in October of 126,198 USD.
However, the number of BTCs on the exchange continued to decrease, showing that investors withdrew cryptocurrency from their personal wallets instead of selling it, an behavior often associated with a period of market stability returning.
cryptocurrency trader Alex Kruger said the market is cautious, as the US government's closure is still a short-term barrier, expected to be resolved only next weekend through Thanksgiving. He then predicted that "the BTC could increase by more than 5% within 48 hours of reaching an agreement".
FXTM expert Lukman Otunuga said that recent weeks have been full of difficulties and fluctuations, as the selling side attacked every opportunity, and the cash flow from ETFs accumulated to exceed 1 billion USD since October 29.
Meanwhile, gold and the S&P 500 have risen 52% and 15% respectively since the beginning of the year, Bitcoin has only risen 8%, with a warning that "if the BTC falls below $95,000, it could be the first negative year since 2022".
In contrast, Nic Puckrin, co-founder of Coin Bureau, gave a more balanced view, saying that "a cut below $100,000 is possible, but not inevitable". For long-time investors, this is the profit-taking stage after a long period of holding.
