Cryptocurrency market today, December 11: What is holding back Bitcoin's upward momentum?

(NLĐO) - Experts believe that the lack of momentum in the market, weak buying power, and divergent investor sentiment make the likelihood of Bitcoin surging sharply in the near future very low.

On the evening of December 11th, the cryptocurrency market continued to be in the red. Data from OKX shows that Bitcoin fell by more than 2% in the past 24 hours, retreating to $90,100.

Many other major cryptocurrencies also experienced sharp declines, such as Ethereum, which lost over 4% to $3,200; XRP and BNB fell by more than 2.5%, to $2 and $867 respectively; and Solana plummeted nearly 5%, to $131.

Amidst falling prices, long-term forecasts continue to lean towards a cautious trend. According to Cointelegraph , expert Jason Pizzino believes Bitcoin could continue to decline for many more months before truly bottoming out.

He did not rule out the possibility that the largest cryptocurrency on the market might not bottom out until around October 2026, based on observations of the cyclical movement of risky assets and weak signals from trading volume.

Bitcoin is currently trading in the $90,100 range. Source: OKX

Pizzino believes that the market currently lacks upward momentum, buying pressure is weak, and investor sentiment is polarized, making a short-term reversal highly unlikely.

Nevertheless, some positive signs have emerged from the group of large investors. A new report from CryptoQuant shows that the amount of Bitcoin this group transfers to exchanges has dropped sharply, from nearly half of the daily transactions in mid-November to only about one-fifth.

The average amount of money they put on the market has also decreased significantly. This means selling pressure is easing – a factor that could pave the way for a recovery in the near future.

CryptoQuant predicts that if the selling pressure continues, Bitcoin could reclaim the $99,000 mark, a price level that often acts as resistance during market downturns.

From there, Bitcoin could head towards the next key price levels around $102,000 and $112,000.

However, in the short term, the cryptocurrency market remains stuck in a weak trend, needing more time to consolidate before entering a new, more active phase.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-11-12-dieu-gi-dang-chan-dung-da-tang-bitcoin-196251211210036716.htm