BTC Recovers to 159 Million Won with Buying Pressure ETH Rises by 3%... XRP Also Shows Slight Strength API3 Rises by About 7%, Altcoins Mixed
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Although the recent sharp rise in the US Producer Price Index (PPI) weakened expectations of interest rate cuts, it is interpreted that buying pressure due to excessive short-term price drops has flowed into the market.
While Bitcoin showed a rebound, Ethereum (ETH) rose by 3.36% to 5,873,000 won. XRP rose slightly by 1.43%, and Chainlink (LINK) continued to rise by nearly 5%. In contrast, Waves dropped by 4.9%, and Strike (STRK) fell by over 32%.
◇Bitcoin = As of 4 PM on the 20th on Upbit, Bitcoin price was 159,334,000 won, up 1.38% from the previous day. Bitcoin dominance was 57.90%.
According to on-chain analysis platform Sigbit, the long-short ratio in the Bitcoin futures market was 63.19% and 36.81%, respectively.
Experts said, "While it's a short-term rebound phase, breaking through the resistance in the early 160 million won range is crucial" and "Volatility may expand after the Jackson Hole Meeting".
◇Rising Coins = As of 4 PM on the 20th on Upbit, the cryptocurrency with the largest increase for the day was API3, rising by about 7.08%.
API3 is a project building a decentralized oracle network, and investor interest is growing due to the recent expansion of DeFi demand.
◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is maintaining the 'Fear' stage at 44 points. The fear stage (20-39) is a period when cryptocurrency price volatility and trading volume increase, indicating a potential price decline. Caution is advised for buying as the possibility of a short-term bottom formation increases.
The Relative Strength Index (RSI) provided by Sigbit recorded 35.8, in a 'neutral' state. RSI measures the relative strength between upward and downward pressure on a specific asset price and indicates the overbought and oversold levels of an asset.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
