Bitcoin, sideways movement despite profit-taking selling pressure

BTC maintains $95,000 amid profit-taking sell-offs and expectation-driven buy-ins
Altcoins rise in the morning but fall in the afternoon amid BTC's sideways movement
Experts say "BTC still has enough upward momentum... Rapid rise possible"

BTC (BTC) has been in a sideways movement for two consecutive days after the decline that started due to profit-taking sell-offs. It is analyzed that the expectations surrounding the market are supporting the market despite the profit-taking sell-offs.

BTC recorded an all-time high of $99,800 on the 22nd, and then turned to a downward trend, going through declines and sideways movements. The persistently weak BTC has maintained the $95,000 level.

The reason why BTC is not experiencing a severe correction in the existing bull market despite the decline is due to the expectations for the future that the President-elect Trump will unfold in the next government.

The Washington Post reported on the 27th that cryptocurrency lobby groups have called on President-elect Trump to stockpile BTC as a national reserve asset.

According to the Washington Post, Cody Carbone, the head of the Digital Chamber, a cryptocurrency lobby group, argued that "if we do not stockpile this asset, which is like digital gold, hostile countries will have the opportunity to cash it in."

Andrew O'Neil, a director at S&P Global, said that "if, as cryptocurrency advocates say, the purchasing power of the dollar declines over time compared to BTC, it could be used to pay off national debt," and "it could break the 'vicious cycle' where debt calls for more debt."

While BTC was in a sideways movement, some altcoins surged in the morning and then fell again in the afternoon. Some altcoins with small market capitalizations recorded an increase of about 20-30%, still leading the bullish sentiment.

◇BTC = As of 4 pm on the 28th, based on Upbit, the price of BTC is 13,289 million won. BTC's market share (dominance) was 58.26%.

According to the on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the BTC futures market was 49.90% and 50.10%, respectively.

Despite the persistent sideways movement of BTC, experts forecast that BTC still has room to rise again.

Cryptocurrency media CoinTelegraph reported that "MicroStrategy has purchased an additional $540 million (about 75,384 billion won) worth of BTC," which "is evidence of strong demand from institutional investors."

Mati Greenspan, CEO of Quantum Economics, said, "10,000 dollars is a strong psychological resistance level," and "an adjustment may be needed before breaking this level to gain enough upward momentum."

Brett Leeves, a custodian of the cryptocurrency Bitgo, said, "When the BTC price reaches an all-time high, it generally goes through a stabilization process before further rises," and "with the increasing influx of retail investors through ETFs and exchanges, a rapid rebound is possible if there is positive regulation or macroeconomic news."

◇Rising Coins = As of 4 pm on the 28th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Groestlcoin (GRS), which rose about 28%.

Groestlcoin is a platform that first implemented Segwit separation from BTC and supports the Lightning Network.

Segwit refers to a software upgrade system that separates the digital signature part from the BTC block to increase the storage capacity of each block. This enhances anonymity and security, and transactions are completed through a Peer-to-Peer (P2P) method, resulting in very low fees.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 77 points, entering the 'Greed' stage. The Greed stage is a period when price volatility and trading volume are high, and prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 52.1, recording a 'neutral' state. RSI measures the relative strength of the upward and downward pressures of a specific asset price, indicating the overbought and oversold levels of a specific asset.