BTC attempts to recover $73,000 ETH Reclaims $2,000 Mark XRP continues to weaken in the $1.30 range
Design by Blockstreet Reporter Jeong Ha-yeon
Bitcoin (BTC) continued its volatile trading on the 29th as inflation concerns persisted, despite expectations of an end to the U.S.-Iran war. Although expectations for the easing of geopolitical risks in the Middle East have recently emerged, investor sentiment is showing a limited recovery trend as inflationary pressures remain a burden on the market.
Market analysts believe that the recent possibility of a resurgence in inflation and uncertainty regarding U.S. monetary policy are dampening risk asset preference. However, as Tether dominance—an indicator of safe-haven sentiment—turned downward again from around 7.9%, attempts at a short-term rebound are appearing across the virtual asset market.
Bithumb Bitcoin (BTC) Daily Chart
As of 4 p.m. on the 29th, Bitcoin (BTC) is trading around $73,000 (approximately 110.11 million KRW). Although investor sentiment dampened as Bitcoin briefly fell to $72,500 (approximately 109.35 million KRW) yesterday, it has recovered some of its losses today and regained the $73,000 level. The market views whether it stabilizes in this range in the short term as a key turning point for a further rebound.
Bithumb Ethereum (ETH) Daily Chart
As of 4 p.m. on the 29th, Ethereum (ETH) is trading near $2,000 (approximately 3,016,600 KRW). Although Ethereum fell to $1,970 (approximately 2,970,000 KRW) yesterday, raising concerns about a breach of psychological support, it successfully rebounded today to reclaim the $2,000 mark. However, analysts suggest that as the price remains below key moving averages on the chart, a recovery to the $2,100 level is necessary for further gains.
Bithumb Ripple (XRP) Daily Chart
As of 4 p.m. on the 29th, XRP is trading around $1.31 (KRW 1,975). XRP has recently shown a relatively weak trend compared to Bitcoin and Ethereum, continuing to trade sideways near key support levels. The market assesses that whether it recovers to $1.35 will be the key factor in a short-term trend reversal.
The market assesses that expectations of easing tensions between the U.S. and Iran are having a positive effect on the recovery of investor sentiment toward risky assets. However, as inflationary pressures and uncertainty regarding U.S. monetary policy remain, advice suggests that investors need to monitor the market with a focus on whether key support levels are maintained rather than on a short-term rebound.
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.
);)
);)
);)
);)
