Tether's dominance continues to move sideways within a box, despite concerns about a possible breakout from 6.27%.
A wait-and-see mentality spreads amid options expiration and low liquidity.
Ethereum Breaks Through $3,000, Showing Relative Strength
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As Tether dominance continued its downward trend amidst low liquidity conditions since the end of the year, Bitcoin showed a trend of testing the upper limit of its short-term trading range amid expectations of a re-breakthrough of $90,000, and was trading at around $89,000 as of 3:30 PM.
Bitcoin's market share remained high at 57.29% based on Sigbit, and in the futures market, long positions accounted for 65.69%, indicating a preponderance of upward bets. However, the price remained within a range without a clear breakout, and market participants are adopting a wait-and-see approach rather than actively following the trend until the direction of Tether dominance is confirmed.
In the altcoin market, Ethereum (ETH) showed a relatively strong trend.
Ethereum broke through the psychological resistance level of $3,000 and was trading at $3,025 as of 3:30 p.m., raising the possibility of a short-term trend reversal. Some inflows have been confirmed compared to Bitcoin. Meanwhile, other major altcoins are experiencing limited fluctuations without a clear direction, demonstrating differentiated market trends.
The market believes that if Tether dominance clearly falls below 6.27%, Bitcoin could attempt to rise further along with stabilizing at $90,000. Conversely, there is also a cautious view that if the breakout fails, the sideways trading within the box could continue for the time being.
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◇ Rising Coins = As of 4:00 PM today, the coin that showed the largest increase on Upbit was Story (IP), soaring 10.52% compared to the previous day. Story's proof-of-creativity protocol is also deployed on the IP core, serving as Story's foundational protocol, providing an open intellectual property repository and a set of modules that enable seamless interaction between intellectual property.
◇ Fear and Greed Index = As of 4:00 PM today, the alternatives' fear and greed index stood at 28 points, reaching the "Fear" level. As the index remains at the fear level, investor sentiment remains conservative, and the potential for increased volatility remains.
◇ RSI = As of 4:00 PM today, the RSI is at 59.1 and the Stochastic is at 83, which is a warning of short-term selling pressure, but there seems to be room for a trend reversal.
Lee Jeong-seop ljs842910@blockstreet.co.kr
