Bitcoin rebounds again on institutional buying

BTC, ETF Net Inflow and Institutional Buying Briefly Touch $120,000 Major Altcoins Decline... 'Light' Altcoins Undergo Cyclic Pumping Expert: "BTC Unlikely to Reach $200,000 This Year Due to Insufficient Trading Volume"

Bitcoin (BTC) has built a solid support line through institutional buying, briefly reclaiming $120,000 on the 23rd.

Multiple foreign media reported that Bitcoin successfully defended its price without significant decline, establishing a solid defense line through ETF and corporate buying in the United States.

Major altcoins paused their rise as Bitcoin defended its price. In contrast, the market displayed different trends with 'light altcoins' with lower market capitalization experiencing sharp increases.

Bitcoin touched $120,000 and then retreated to $118,000. Major altcoins like Ethereum (ETH), XRP, and Solana (SOL) declined by approximately 1-2%.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 23rd was 161,480,000 won. Bitcoin's dominance was 60.98%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 43.70% and 56.30%, respectively.

Experts predicted that Bitcoin is unlikely to surpass $200,000 this year due to insufficient buying pressure.

James Check, senior researcher at Glassnode, stated, "Exchange trading volume is extremely low" and "Reaching $200,000 within 6 months is extremely difficult."

◇Rising Coins = The cryptocurrency with the largest increase on Upbit at 4 PM on the 23rd was Ardor (ARDR), rising approximately 33%.

Ardor (ARDR) is an open-source multi-chain BaaS (Blockchain as a Service) platform improved from the existing NXT by the Jelurida Foundation, also known as NXT 2.0.

The currency unit is the Ardor token, used as the main chain token of the Ardor Network for new block creation, network consensus, governance, and transaction fee payments.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is 74 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a potential price increase. Caution is advised for selling due to the high possibility of short-term peak formation.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 50.6, indicating a 'neutral' state. RSI measures the relative strength between upward and downward price pressures for a specific asset and indicates overbought and oversold scales.

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