Bitcoin trades weakly on concerns about a US economic slowdown and the fading of positive news.

BTC, Continues Pattern of Buying at Low Prices After Decline
Altcoins Continue to Fall During Trading Following BTC's Decline
Expert: "Must Be Cautious of Volatility Following Futures Market Overheating"

The cryptocurrency market, including Bitcoin (BTC), continued to remain slightly steady on the 6th due to US economic slowdown concerns and the disappearance of market catalysts.

The cryptocurrency market began to decline as major US economic indicators showed disappointing results. Bitcoin, which had fallen due to major economic indicator releases, rebounded with buying at low prices, but weakened as market catalysts disappeared.

Bitcoin maintained around $114,000, and altcoins also slightly declined following Bitcoin. Major altcoins such as XRP and SOL recorded approximately a 3% decline.

◇Bitcoin = As of 4 PM on the 6th on Upbit, Bitcoin's price is 159,760,000 won. Bitcoin's dominance is 61.78%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 59.07% and 40.93%, respectively.

Analysis suggests the market could experience significant volatility based on the surge in futures market trading volume.

Yah Marten, a crypto quant analyst, shared on his X account that Binance's July futures trading volume reached approximately $2.55 trillion (about 3,547.3 trillion won), recording a six-month high, potentially exposing the market to high volatility.

Marten stated, "Bitcoin and altcoin prices have surged over the past month, causing futures trading volume to spike," indicating the market is trending towards speculative overheating. He added, "The cryptocurrency market capitalization reaching its peak at the end of July before declining, and the futures trading volume, are signals to watch."

◇Rising Coins = As of 4 PM on the 6th on Upbit, Mantra (OM) recorded the largest price increase, rising about 5%.

Mantra is the native token of the Mantra layer 1 project specializing in Real World Assets (RWA) and achieved significant popularity based on its community.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 54 points, entering the 'Neutral' stage. The neutral stage represents a zone where market participants show psychological resistance and support, indicating important decision-making for future price movements.

The Relative Strength Index (RSI) provided by Sigbit is 48.7, recording 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