Bitcoin recovers losses thanks to dip buying

BTC, Rebounding to $114,000 After Weekend Decline
Altcoins Led by ETH Rise, with XRP and XLM Following
Experts Say "BTC Decline Temporary... Bullish Trend Will Continue"

The cryptocurrency market, including Bitcoin (BTC), recovered its previous week's decline on the 4th with low-price buying momentum.

Over the weekend, the cryptocurrency market declined due to slowing US employment indicators. According to the employment report released by the US Department of Labor on the 1st (local time), July's non-farm jobs fell short of expert expectations, and job growth for May-June was downwardly adjusted from previous announcements.

However, buying momentum flowed in from the morning of the 3rd, leading to a rebound that continued until the 4th.

Bitcoin rebounded to the $114,000 range, and altcoins recorded over 3% growth, displaying a market recovery. Ethereum (ETH) initiated the rise, with XRP and XLM showing notable increases and driving the altcoin market's growth.

◇Bitcoin = At 4 PM on the 4th, the Bitcoin price on Upbit was 160,110,000 won. Bitcoin's dominance was 62.02%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 59.61% and 40.39%, respectively.

Analysis suggests that the Bitcoin bull market is not over yet. The current adjustment in the $114,000 range is considered a typical intermediate correction.

Pete Brandt stated on X on the 3rd (local time) that "Bitcoin is still in a bull market" and "Bitcoin has ultimately broken through previous highs during major correction periods. The long-term trend line remains valid."

◇Rising Coins = At 4 PM on the 4th on Upbit, Maple Finance (SYRUP) recorded the largest increase, rising approximately 5% from the previous day.

Maple Finance is a DeFi protocol specialized in institutional lending, securing liquidity from general investors to provide loan services to institutional investors. General investors can generate returns by depositing stablecoins, while institutional investors can use cryptocurrency loan services by depositing collateral.

Maple Finance is used for key utility purposes such as governance participation and staking within its ecosystem.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 64 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 Relative Strength Index (RSI) provided by Sigbit is 46.6, 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