The Bitcoin price stood at $87,441.02 on December 17 (8:46 a.m. IST), marking a 2.01 percent gain in the last 24 hours. In the morning session, the world's largest cryptocurrency fell as low as $87,310 and reached a peak just above $87,885.
"Bitcoin is showing a steady recovery, rising from the $85,400 level to around $87,800. If momentum holds, BTC could advance toward $90,000, with support gradually moving higher to the $86,000 zone," said Akshat Siddhant, Lead Quant Analyst at Mudrex.
The volatility has been observed across other cryptocurrency tokens as well, with ETH up 0.88 percent, ADA up 0.98 percent, SOL up 2.33 percent, XRP up 3.38 percent, and BNB up 1.42 percent in the past 24 hours.
Check out the cryptocurrency prices on December 17, as of 8:46 a.m. (IST).
| Cryptocurrency | Symbol | Price (USD) |
|---|---|---|
| Bitcoin | BTC | 87,441.92 |
| Ethereum | ETH | 2,956.07 |
| Tether | USDT | 0.9997 |
| XRP | XRP | 1.93 |
| BNB | BNB | 866.85 |
| Solana | SOL | 129.48 |
| USD Coin | USDC | 0.9998 |
| TRON | TRX | 0.2807 |
| Dogecoin | DOGE | 0.1316 |
| Cardano | ADA | 0.3850 |
Why is Bitcoin down?
"The employment data gave mixed signals, with stronger hiring but higher-than-expected unemployment, leading to a tug of war between the buyers and sellers. Despite this uncertainty, Bitcoin exchange reserves sitting at record lows have supported the upside, giving bulls an edge. Attention now turns to the upcoming CPI data, which will shape expectations around a potential Fed rate cut," said Siddhant.
The CoinSwitch Markets desk maintains that BTC’s recent drop was mainly caused by long liquidations. Investors may benefit from managing risk and accumulating gradually instead of reacting emotionally to short-term volatility.
"The sell-off reflects a broader risk-off shift across global markets. Uncertainty around the next US Federal Reserve Chair, rising US fiscal stress, and signs of slowing consumer demand have weighed on investor sentiment. Strength in the US 5-year Treasury and stabilization in the US Dollar Index suggest capital is rotating toward safety rather than risk assets. Also, renewed concerns around debt-funded AI investments have pushed funds toward cash," said Riya Sehgal, Research Analyst, Delta Exchange.
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