Bitcoin moves sideways after morning liquidation drop

The liquidation amount in the BTC futures market recorded about 18,689 billion won
Major altcoins continue to show a weak upward trend following the decline in BTC
Experts point to the accumulation of BTC volume at $98,000
"There is still time before the BTC bull market ends"

BTC (BTC) fell in the morning due to large-scale liquidation in the futures market, but traded sideways on the 18th.

According to data from the on-chain analysis platform CoinGlass, the amount liquidated in the futures market on the 18th was about $1.3 billion (about 18,689 billion won). BTC, which had been continuously setting new highs, fell sharply due to the chain liquidation of the open interest that had accumulated in the futures market.

With the decline in BTC, many major altcoins also declined. A few altcoins recorded an increase of more than 5%, implying that the bull market is still ongoing.

◇BTC = As of 4 pm on the 18th, the BTC price on Upbit was 15,263 million won. BTC dominance was 57.86%.

According to the on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the BTC futures market was 47.93% and 52.07%, respectively.

Despite the sharp decline in BTC, experts expressed optimism about the short-term price movement of BTC.

According to data from the on-chain analysis platform Whalemap on the 18th, more than 150,000 BTC are accumulated at $98,133. It is analyzed that it is not easy for BTC to fall back to the price level before the rally, as a large amount of supply is accumulated around $10,000. Whalemap emphasized that the accumulated supply at $98,133 will be a "tremendous defense line" despite the sharp decline.

Cryptocurrency trading company QCP Capital pointed out the short-term bullishness of the cryptocurrency market, including BTC, in a client letter on the 18th. QCP Capital said, "The market is healthy" and "Prices will rise further over the next 3-6 months, and we expect the market to remain bullish until the summer of 2025."

◇Rising Coins = The cryptocurrency that recorded the largest increase compared to the previous trading day on Upbit at 4 pm on the 18th was Bitcoin Gold (BTG), which rose about 11%.

Bitcoin Gold is a mainnet coin that was hard-forked from BTC in 2017.

Bitcoin Gold is an open-source software project. The biggest feature is that it adopted the Equihash BTG algorithm instead of the existing method in the proof-of-work (PoW) algorithm, which distributed the mining work.

Unlike the existing method, BTC mining cannot be executed on special equipment such as ASIC miners, but only on GPU miners of ordinary computers, in order to provide fair opportunities for mining to the general public.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 81 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 exodus is high at the peak, which can be considered a selling zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 72.2, recording an "overbought" state. RSI is an indicator that represents the relative strength between the upward and downward pressure of the price of a specific asset, indicating the degree of overbought and oversold of the asset.