Bitcoin rebounds from the afternoon on low-price buying despite bad news

US BTC Spot ETF, Two Consecutive Days of Over 100 Billion Won Net Outflow
US Treasury Yields Surge... Market Expects Delayed Rate Cuts
BTC Recovers to $67,000 Level on Afternoon Low Buying Pressure
Expert "BTC to Rise to $92,000 if Trump is Elected"

The consecutive net outflows of Bitcoin (BTC) spot exchange-traded funds (ETFs) in the US and low buying pressure led to Bitcoin's sideways movement.

According to data released by financial data platform Fasade Investor, Bitcoin spot ETFs in the US recorded net outflows of about $79.09 million (about 109.18 billion won) and $119.05 million (about 164.37 billion won) on October 22 and 23, respectively, after a week of net inflows.

As net outflows began after a week of net inflows, Bitcoin was directly affected and declined.

The expected delay in US interest rate cuts due to rising US Treasury yields also appears to have impacted Bitcoin's decline. The 10-year US Treasury yield, which had fallen to 3.618% last month following the US Federal Reserve's rate cut, has started to rise sharply again, reaching 4.242% on October 23 (local time).

Based on the rise in US Treasury yields, the expectation that the Fed will delay rate cuts has hit the asset market, including Bitcoin.

However, with the influx of low-price buying pressure in the afternoon, Bitcoin rebounded and recovered the $67,000 level.

While Bitcoin was in a sideways movement, some altcoins showed a rebound from the afternoon.

◇BTC = As of 4 pm on the 24th, based on Upbit, the price of Bitcoin is 928.6 million won. Bitcoin's market dominance was 58.74%.

With the increase in the probability of former President Trump's re-election as US president, experts forecast a surge in Bitcoin in the second half of this year.

Jeff Pak, Chief Strategy Officer at Bitwise, said that if former President Trump is re-elected as US president in November, Bitcoin (BTC) could reach a maximum of $92,000.

On the 23rd, Pak pointed out the correlation between Bitcoin's price and former President Trump's approval rating on his X account.

He said, "From August 15 to October 20, the graph of former President Trump's approval rating and Bitcoin showed a proportional relationship," and "according to the theory of arbitrage, if former President Trump is elected, the price of Bitcoin could rise to a maximum of $92,000."

◇Rising Coins = As of 4 pm on the 24th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was SpaceID, which rose about 7% on that day alone.

SpaceID is a project that provides various chain name services for Web 3.0, building a universal domain name standard based on decentralization, censorship resistance, and open source. Through this, anyone can search, register, trade, and manage Web 3.0 domains. It provides a Web3 Name SDK (Web3 Name SDK) and API for developers, as well as a multi-chain name service that allows general users to easily build and create Web3 IDs.
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The SpaceID coin is used for governance participation in the SpaceID project and as a means of transaction and fee payment for services. The total supply in the market is 2 billion, and the current circulating supply is about 467 million.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 69 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.