Cryptocurrency market today, December 1: Investors worry about Bitcoin falling to $40,000

(NLDO)- Many traders warn that if Bitcoin does not soon regain the $88,000 - $89,000 range, the price could return to the November bottom, or even fall to $50,000.

On the evening of December 1, the cryptocurrency market suddenly plummeted. Data from the OKX exchange showed that in the past 24 hours, Bitcoin fell nearly 7% to $85,997.

Other major cryptocurrencies also fell sharply. Ethereum lost more than 6% to $2,820; BNB and Solana both fell more than 7% to $822 and $127; XRP fell the most, nearly 8%, to $2.

According to Cointelegraph , Bitcoin opened December with a 5% drop, pulling the price to the $85,000 - $86,000 region and raising concerns that the market could continue to weaken.

More than $600 million in investment positions were wiped out in just one day, amid thin liquidity that made price swings more violent.

Many traders warn that if Bitcoin does not soon regain the $88,000 - $89,000 zone, the price could return to the November bottom, or even fall as low as $50,000.

Bitcoin is trading at $85,997 Source: OKX

Some more pessimistic views point to a scenario below $40,000. On the other hand, optimistic analysts believe that Bitcoin could move sideways in the $80,000–$99,000 range, but need to break back above $99,800 to confirm the uptrend.

Last November saw Bitcoin fall nearly 18% - its worst since 2018. The total decline in the fourth quarter is now more than 24%, similar to the sharp decline that occurred 7 years ago.

International pressure has also contributed to the market wobble. Japanese bond yields have risen to their highest levels since 2008, raising the possibility of a rate hike – in contrast to the trend of most global central banks keeping rates unchanged or cutting them.

However, some positive signs are emerging. Bitcoin price premiums on US exchanges have turned positive, indicating improved buying demand in this important market.

At the same time, the amount of "waiting to buy" money on exchanges reached a record high, seen as a resource that can trigger a recovery when market sentiment stabilizes again.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-1-12-nha-dau-tu-lo-bitcoin-rot-xuong-40000-usd-19625120120450925.htm