Bitcoin breaks through the all-time high again, but a clear correction begins in the afternoon

BTC breaks through $90,000 in the morning, then falls about 3% in the afternoon
Altcoins, down about 5% on average...USDT inflows accelerate
Experts say "BTC can still reach $100,000" despite the correction

Bitcoin (BTC), which had once again broken its all-time high, entered a correction phase in the afternoon.

Bitcoin's trading price broke through $90,000 on the 13th. At around 5:55 am on the 13th, Bitcoin recorded a trading price of $90,045 on Coinbase, setting a new trading high.

The driving force behind Bitcoin's rise on the 13th was the buying pressure on Bitcoin spot on exchanges and the net inflow of Bitcoin spot ETFs (exchange-traded funds) in the United States.

According to data from financial data platform Pasaside Investor, the net inflow of Bitcoin spot ETFs in the United States recorded about $1,114.17 million (about 1.5696 trillion won) and $817.56 million (about 1.1489 trillion won) on the 11th (local time) and 12th (local time), respectively.

From the afternoon, a full-fledged correction began due to profit-taking buying pressure. Bitcoin fell about 3%, and many altcoins recorded a decline of more than 5%.

According to data from on-chain analysis platform CoinAnk on the 13th, inflows into the stablecoin Tether (USDT) have accelerated.

Inflows into the stablecoin Tether are generally interpreted as meaning that cash-out through exchanges has been realized. In addition, data was released showing that Bitcoin and Dogecoin (DOGE), which had been rising endlessly, have been experiencing capital outflows for four consecutive hours in the afternoon. Based on this data, the market both inside and outside is interpreting that a short-term correction in the recently soaring cryptocurrency market has begun in earnest.

◇Bitcoin = As of 4 pm on the 13th, the price of Bitcoin on Upbit is 12,418 million won. Bitcoin's market share (dominance) was 60.91%.

According to the on-chain analysis platform Sigbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 43.90% and 56.10%, respectively.

Now that Bitcoin has finally broken through $90,000, the prevailing opinion is that Bitcoin's breakthrough to $100,000 will soon be possible.

According to a report by CNBC, 60% of users of the major event betting platform 'Kalsi' bet that Bitcoin will reach $100,000 before January next year, and 45% of users bet that Bitcoin will reach $100,000 this month.

Mike Colonnese, an analyst at investment bank H.C. Wainwright, said, "Positive sentiment is expected to continue until the end of this year, and we believe Bitcoin prices could reach $100,000 by the end of this year."

◇Rising Coins = At 4 pm on the 13th on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Hive, which rose about 35%.

Hive is a blockchain network that was newly born in March 2020 through a hard fork led by the Steem community in response to the Tron Foundation's acquisition of 80% of the Steem token (STEEM) supply through a merger and acquisition.

The community claims a completely decentralized blockchain with fast and high scalability and low barriers to entry, and the main project is promoted as an efficient platform for running 'DApps' (decentralized applications) based on the Graphene-based social blockchain.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 84 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of rising accompanied by high trading volume and strong volatility. The possibility of market exit at the peak is high, so it can be considered a selling zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Sigbit is 66.4, recording a 'neutral' state. RSI is an indicator that measures the relative strength between the upward pressure and downward pressure of the price of a specific asset, and represents the degree of overbought and oversold of the asset.

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