Bitcoin, sideways movement...Altcoins, deepening decline

BTC, failed to rebound from $97,000...Sideways trend continues
Altcoins, unable to withstand BTC's sideways movement, fell 11 days in a row
Stockton "BTC could drop to $85,000"
ME, rises 10% alone due to the Upbit listing effect

BTC is continuing its sideways trend, while altcoins have declined.

BTC failed to rebound easily from $97,000 after the adjustment that occurred the previous day. There is no special good news to lead the rise of the cryptocurrency market, including BTC, and additional selling pressure has occurred in the market, and BTC has failed to break through $100,000 again.

The decline of altcoins has deepened. After altcoins recorded double-digit declines due to the liquidation volume in the market, they are also unable to rebound easily as BTC failed to rebound.

◇BTC = As of 4 pm on the 11th, the BTC price on Upbit is 13,888 million won. BTC dominance is 57.11%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 55.22% and 44.78%, respectively.

Katie Stockton, founder of Fairlead Strategies, a 'Wall Street chart analysis expert', predicted a sharp drop in BTC.

She said in an interview with Business Insider that "the possibility of a short-term correction in BTC is increasing," and that "if the key support line collapses, it could plummet to the $85,000 level."

Specifically, she explained that "the fact that BTC failed to hold the $100,000 level after setting a new all-time high can be interpreted as a signal that the 'historic breakthrough' is not yet definitive."

◇Rising Coin = At 4 pm on the 11th, the cryptocurrency that recorded the largest increase compared to the previous trading day on Upbit was Magic Eden (ME), which rose about 10% from 24 hours ago.

Magic Eden enjoyed the 'listing beam' as Upbit announced trading support. Magic Eden is a leading Non-Fungible Token (NFT) marketplace that supports NFT transactions based on various blockchain networks.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 74 points, entering the 'Greed' stage. The Greed stage is a stage where price volatility and trading volume increase, and prices rise. As the possibility of forming a short-term peak is high, caution is required when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 47.9, recording a 'neutral' state. RSI is an indicator that represents the relative strength between the upward and downward pressure of a specific asset price, and indicates the overbought and oversold level of a specific asset.