Bitcoin Price Update – December Market Overview
Bitcoin is trading around $92,856 today, which is a small 1.68% increase compared to the previous session.
In November, Bitcoin dropped almost 17%, so the start of December is still cautious. December is usually a mixed month for Bitcoin, and this year investors are also showing low interest in ETFs. Because of this, a strong recovery is less likely.
Recently, Bitcoin tried to recover up to $93,965, which is the highest level since mid-November. But the market is still under pressure because large holders are sending their coins to exchanges, which increases selling pressure.
In October, Bitcoin reached its all-time high of $126,210, but since then the price has fallen by nearly 30%. With the current market conditions, a strong bullish trend is unlikely. Only small or slow improvement is expected in the short term.
Key Points
Bitcoin price today: around $92,856
Market remains cautious after a 17% drop in November
Low ETF interest reduces chances of a strong recovery
Selling pressure continues from large holders
Price has dropped nearly 30% from the October all-time high of $126,210
