Bitcoin price: Start of the weekend session
This morning (November 9), Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value reversed and increased by 0.36%, reaching 101.711.67 USD.
This new price contributes to bringing market capitalization to 2,028 billion USD, up 24 billion USD. On the other hand, trading volume in the 24 hours decreased by 8.43 billion USD, to 65.22 billion USD.
Assessment and forecast
Bitcoin fluctuated around 102,000 USD on Friday as the cryptocurrency market struggled to maintain its recovery momentum, under pressure from caution returning to the global stock market and a stronger USD.
Total cryptocurrency market capitalization increased slightly by 1% in the past 24 hours to 3.4 trillion USD, the first increase after four consecutive days of decline, although traders are still concerned that this is just a "break" in the sell-off.
The slight recovery comes as investors withdraw capital from large technology stocks, taking profits after the wave of price increases led by artificial intelligence (AI). The "risk" mentality has spread to digital assets, where speculative appetite is still weak despite the recent policy easing by the US Federal Reserve (Fed).
Mr. Alex Kuptsikevich - Market Analyst at FxPro, commented: "The market seems to be just "taking a steam" and has not reversed."
According to this expert, Bitcoin is still on the 50-week moving average, but the daily graph shows that the sellers are trying to regain control. Time is in favor of the bear side as macro sentiment improves.
cryptocurrency prices fell largely on Friday, prolonging the weakness of the whole week as investors continued to be cautious about the global stock market situation.
In the top cryptocurrency group, BNB and Dogecoin recorded a slight increase of about 1%, making the market temporarily "easy to breathe" after a strong sell-off at the beginning of the week. The total capitalization of the cryptocurrency market is still around 3.4 trillion USD, showing that the buying force to buy at the bottom is still weak. Traders believe that the sentiment is still fragile as cash flow into the USD and macro instability continue to put pressure on risky assets.
According to Hashdex, the "riescky" mentality and uncertainty about the Fed's interest rate cut roadmap are still weighing on digital assets. Meanwhile, Wintermute said liquidity from large institutions is gradually moving to traditional markets, making cryptocurrencies less attractive than other assets.
