Bitcoin (BTC) temporarily declined at the New York stock market opening, securing short-term liquidity. It dropped by over 2% from the previous day's high of $120,000 (approximately 166.8 million won), showing a typical liquidity securing movement by testing the price range with concentrated buy orders.
However, market experts do not see this as the end of the correction. Major analysts suggest the possibility of a deeper short-term downward adjustment for Bitcoin and are paying attention to the formation of a new support line. Some have warned that if selling pressure expands, a decline below $110,000 (approximately 152.9 million won) cannot be ruled out.
The speculative fever spreading across the market is also fueling correction pressure. Particularly noteworthy is that the Open Interest in the altcoin market has reached an all-time high, showing signs of overheating. Experts analyzed that this 'froth' phenomenon is increasing the possibility of an overall price decline.
While this Bitcoin decline can be interpreted as a short-term technical adjustment, the prevailing view is that volatility may continue until the excessive leverage and optimism accumulated in the market are resolved. In this context, investors need to more closely monitor the movements in the altcoin and derivatives markets.
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