Bitcoin Continues to Weak After Decline... "Good News Exhausted"

BTC touches $52,000, ‘consolidating’ due to exhaustion of positive factors
Altcoins, BTC follows without change and moves sideways without strength
Arthur Hayes: BTC Rally Begins on Liquidity Injection

Bitcoin (BTC), which fell sharply over the weekend, continued its sideways trend as positive factors dried up.

Bitcoin fell last week after the U.S. jobs report deteriorated. After that, Bitcoin rose slightly as the positive news dried up and then moved sideways without any significant upward momentum.

In particular, fears that an economic recession is coming even if the U.S. Federal Reserve (Fed) announces an interest rate cut are sweeping asset markets, including Bitcoin.

Bitfinex predicted in its weekly analysis report, "Bitfinex Alpha," on the 2nd (local time), "If the Fed cuts interest rates by 50bp, Bitcoin may rise immediately, but there may be another adjustment due to growing concerns about an economic recession." It added, "After the interest rate cut this month, the Bitcoin price is expected to bottom out at $40,000 to $50,000."

He continued, "However, these predictions may change if the macroeconomic situation changes, and these are uncertain times."

Altcoins also moved sideways helplessly amid Bitcoin's sideways movement.

◇Bitcoin = As of 5 PM on the 9th, the Bitcoin price on Upbit was 74.54 million won. Bitcoin’s market share (dominance) was 56.83%.

Despite Bitcoin's continued weakness, BitMEX CEO Arthur Hayes made headlines by claiming that Bitcoin is rallying.

On the 8th, CEO Hayes said on his X account, "I closed my Bitcoin short bet and made a 3% profit," and explained, "Janet Yellen will print additional dollars to inject liquidity in the market decline, which will lead to a rebound in Bitcoin."

Earlier, on the 6th, CEO Hayes wrote on his X account, "Bitcoin is going through a bit of a tough time. I'm betting on a short this weekend, aiming for Bitcoin to fall below $50,000," which became a hot topic both inside and outside the market. Bitcoin fell to around $52,000 on the 7th.

The news posted by CEO Hayes on his X account included that US Treasury Secretary Yellen would seek liquidity from the Chinese government while calling for a soft landing for the US economy.

◇Rising Coin = As of 5 PM on the 9th on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was AAVE, up about 6%.

Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Deposits provide liquidity to the market to earn income, while borrowers can borrow in over- or under-collateralized ways.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Fear' stage at 26 points. The fear stage (25-49) is a stage where price volatility and trading volume increase and the price falls. There is a high possibility of forming a short-term low, so you should be careful when buying.

Reporter Kwon Seung-won ksw@