On the evening of December 13th, the cryptocurrency market experienced a slight correction. Data from the OKX exchange revealed that Bitcoin dropped by over 2% in the past 24 hours, trading around $90,400.
Several major cryptocurrencies also saw significant declines, with Ethereum and Solana losing more than 4%, falling to $3,109 and $133, respectively. XRP remained relatively stable around the $2 mark, while BNB saw a modest 0.5% increase, reaching approximately $890.
According to Cointelegraph, the $94,000 level for Bitcoin is now considered a critical threshold that buyers are aiming for, after the price briefly surged to nearly $95,500 in the previous session but quickly reversed due to increased selling pressure.
Observers note that, in the short term, Bitcoin is in a state of consolidation, influenced by multiple resistance levels, causing the trend to become compressed.
Some analysts suggest this could be an accumulation phase before the market experiences more significant volatility.
Analyst Michaël van de Poppe commented that the rapid price fluctuations are due to insufficient capital inflows, but the potential for a rebound remains high in the coming days or weeks.
However, the recovery momentum in December has not been strong enough to significantly alter the trend.
Bitcoin is trading around $90,400. Source: OKX
Trader Daan Crypto Trades noted that Bitcoin is hovering just below a multi-week high, a critical level that will determine its ability to regain upward momentum in the short to medium term. Nonetheless, the risk of a deep decline has subsided.
Van de Poppe pointed out that the formation of higher lows indicates a strengthening upward trend. He believes the recent sharp correction was primarily driven by psychological factors rather than a fundamental weakening of market supply and demand.
On a macro level, global financial markets have also adjusted following the U.S. Federal Reserve’s interest rate decision.
U.S. stock markets saw a slight decline, with the index representing large-cap stocks losing approximately 0.35%. Meanwhile, gold prices continued to rise sharply, approaching new record highs, nearing $4,400 per ounce.
The surge in precious metals is believed to be exerting psychological pressure on the cryptocurrency market. Jeremy Batchelder, co-founder of an automated trading platform, suggested that gold and silver reaching new highs could temporarily divert capital toward safer assets, making Bitcoin’s short-term growth prospects less favorable.
Expert Insight: Equilibrium Point Imminent as Two Stock Groups Enter “Oversold” Territory
Anticipating next week’s market trends, most experts agree that prices have entered an attractive range following a significant correction. However, investors should remain cautious, closely monitoring developments and only committing funds once the index establishes a new equilibrium zone.
Global Gold Prices Surge, Approaching Historic Highs
Gold prices are currently trading just under 1% below their all-time high of $4,381 per ounce, a record set on October 20th.
Gold Ring and Gold Bar Prices on December 13th
The current selling price of SJC gold bars at major gold shops stands at 156.3 million VND per tael, while gold rings fluctuate between 153.6 and 155.5 million VND per tael.
What’s Halting Bitcoin’s Rally in Today’s Crypto Market, December 11?
Market experts suggest that the current lack of momentum, weak buying pressure, and divided investor sentiment significantly diminish the likelihood of a substantial Bitcoin rally in the near future.
December 12: Ring and Bullion Gold Prices Surge as Global Gold Reaches Near 2-Month High
Global gold prices surged to their highest level in nearly two months, following the Federal Reserve’s decision to cut benchmark interest rates by an additional 0.25%. Domestically, gold prices rose sharply, climbing between 900,000 and 1.1 million VND per tael compared to yesterday’s closing levels.
