BTC maintains the $76,000 level ETH battles around $2,100 Tether dominance continues to rise
Design by Blockstreet Reporter Jeong Ha-yeon
Bitcoin (BTC) continues to maintain a relatively stable trend despite inflationary pressures in the U.S. economy and weakness in the bond market. While the recent rise in U.S. Treasury yields and renewed concerns about inflation have placed increasing pressure on risk asset markets across the board, including the New York stock market, the virtual asset market has shown relatively robust performance compared to traditional stock markets such as the U.S. S&P 500.
Market analysts believe that persistent inflationary pressure in the U.S. is fueling concerns about a prolonged tightening stance by the Federal Reserve. However, assessments suggest that Bitcoin is maintaining a relatively stable price trend by holding onto key support levels even amidst the recent correction phase.
Bithumb Bitcoin (BTC) Daily Chart
Bitcoin (BTC) is trading at $76,740 (115.43 million KRW) as of 4:10 PM on the 26th. Despite recent short-term corrections, Bitcoin is maintaining support around the $76,000 level, and the market views whether this price level is maintained as a key variable determining future short-term direction.
Bithumb Ethereum (ETH) Daily Chart
Ethereum (ETH) is trading at $2,094 (approximately 3.15 million KRW) at the same time. Ethereum has recently been maintaining a sideways trend as buying and selling pressures are evenly matched near the $2,100 support level. Market analysts suggest that if the price breaks below this level, there is a possibility of a further short-term correction.
Bithumb Ripple (XRP) Daily Chart
Major altcoins also continued their overall weak trend. Major altcoins, including XRP, have recently shown relatively sluggish performance compared to Bitcoin, and short-term rebound momentum appears limited due to dampened investor sentiment.
In particular, Tether dominance (USDT.D), which reflects the market's preference for safe assets, has continued its upward trend after recently settling at the 7.42% level. As a rise in Tether dominance generally signifies an increased preference for cash-like assets among investors, market analysts suggest that the possibility of a further decline in the overall virtual asset market is also gradually increasing.
However, some investors are paying attention to Bitcoin's recent relative strength compared to the U.S. stock market. The assessment is that the fact it is maintaining key support levels, even amidst expanding global macroeconomic uncertainty, is providing some support to mid-to-long-term investment sentiment.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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