Bitcoin, After High Rise, Breathing Adjustment

BTC, Settling at $117,000 with Profit-Taking Selling Pressure US Regulatory Developments Lead to Altcoin-Focused Rises Experts Point Out "BTC, Institutional Buying Continues with ETFs"

Bitcoin (BTC), which had been setting new highs with consecutive positive developments last week, entered a consolidation phase with profit-taking selling pressure on the 21st.

Last week, the US House of Representatives passed three cryptocurrency regulatory bills, and the President signed the 'GENIUS Act' for stablecoin regulation. This was interpreted as creating a foundation for cryptocurrencies to enter the financial system, leading to consecutive rises.

However, as Bitcoin continued to set new highs, selling pressure emerged in the market, causing Bitcoin to adjust downward to $117,000.

While Bitcoin's high-altitude march temporarily paused, altcoins rose. This is based on interpretations that with the development of US regulations, the probability of approving ETF applications for multiple altcoins like XRP, SOL, and Doge is high.

◇Bitcoin = At 4 PM on the 21st, the Bitcoin price on Upbit was 162.3 million won. Bitcoin's dominance was 60.86%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 45.33% and 54.67%, respectively.

Despite Bitcoin's correction and decline, US institutions are supporting Bitcoin's price, with projections that a significant drop is unlikely.

Cryptocurrency media Cointelegraph noted, "The Bitcoin spot ETF in the US has recorded net inflows for 12 consecutive trading days," describing it as an "encouraging signal for Bitcoin price defense".

◇Rising Coins = At 4 PM on the 21st, the cryptocurrency with the largest rise on Upbit was Pudgy Penguin (PENGU), showing approximately 19% increase.

Pudgy Penguin is a meme coin derived from an 8,888 Non-Fungible Token collection, directly linked to Pudgy Penguin toys sold at Walmart.

Pudgy Penguin toys include QR codes, allowing buyers to receive free Non-Fungible Token items, thus combining physical products with Web 3.0.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is at 71 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume. The possibility of short-term peak formation is high, so caution is advised when selling.

The Relative Strength Index (RSI) provided by Sigbit is 58.2, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold levels for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr