As major cryptocurrencies show a strong mixed trend, the possibility of a short-term correction for Bitcoin (BTC) has been raised.
According to CoinMarketCap, a global virtual asset market tracking site, as of 8 AM on the 18th, BTC recorded 118,024.59 dollars, up 0.36% from the previous day. After breaking through last week's high, it has entered a consolidation phase, slightly giving back its gains. Major altcoins are showing a similar trend. At the same time, Ethereum (ETH) rose 2.04% to 4,525.25 dollars, XRP increased 0.08% to 3.11 dollars, and Solana (SOL) rose 2.08% to 193.26 dollars.
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The domestic market is steady. At the same time, BTC on Bithumb is up 0.05% from the previous day at 163,568,000 won. ETH is down 0.56% at 6,264,000 won, XRP is up 0.07% at 4,314 won, and SOL is up 0.15% at 267,700 won.
Market experts are leaning towards the possibility of a short-term correction. Popular trader Rekt Capital stated, "Historically, when BTC enters a new all-time high area, the rally typically concludes in the 5-7th week" and "The recent BTC rally is now entering its 7th week." Accordingly, the recent high of around $124,000 may remain the peak for the time being.
According to Cointelegraph, BTC dropped by about 30% in its first correction phase this year, falling from around $110,000 to below $75,000. This is a level seen in previous halving cycles.
Another trader, Dan Crypto Trade, mentioned the possibility of a short-term correction, saying, "Looking at past trends, BTC prices have never risen consecutively in August and September." He added, "If a correction occurs in the next 1-2 months, it could be the last significant drop before the year-end rally."
The Fear and Greed Index from virtual asset data analysis company Alternative.me rose 8 points from the previous day to 64 points, indicating a state of "greed". This index means that the closer to 0, the more contracted the investment sentiment, and the closer to 100, the more overheated the market.
- Reporter Do Ye-ri
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