Bitcoin's Upside Limited on 'Half-Ceasefire' Announcement

BTC, Israel-Iran Ceasefire Announcement Leads to 4.5% Rebound
Remains Steady Despite Continued Casualty Reports
Altcoins Surge in Morning, Then Cautious Amid Market Tension

On the 24th, following the Israel-Iran ceasefire announcement, the cryptocurrency market, including Bitcoin (BTC), rose in the morning but remained steady in the afternoon as reports of casualties continued in the region.

On the morning of the 24th, President Trump announced the ceasefire between Iran and Israel through his social media platform 'Truth Social'. Qatar's foreign media also reported that "Iran has accepted the US ceasefire proposal".

However, Iran's stance is different. Abbas Araghchi, Iran's Foreign Minister, posted on his X account, "If Israel stops its 'illegal invasion' of Iran by 4 am Tehran time at the latest, we will have no intention of continuing our response afterwards".

In fact, multiple foreign media outlets, including AP, reported that at least 4 people were casualties due to Iranian missile attacks on the afternoon of the 24th.

The continued armed conflict after the ceasefire maintained market tension, and the cryptocurrency market also remained steady amid anxiety.

Bitcoin, which had risen in the morning and hovered around $105,000, and altcoins that were previously surging, saw their gains somewhat limited in the afternoon.

◇Bitcoin = At 4 pm on the 24th, the Bitcoin price on Upbit was 145,870,000 won. Bitcoin's dominance was 65.24%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 41.79% and 58.21%, respectively.

Based on Bitcoin's buy wall, predictions suggest there will be no sudden drop.

Cryptocurrency media Cointelegraph analyzed, "Bitcoin price avoided further decline amid optimism that the Middle East conflict will end soon" and "After falling to early May levels, it rebounded with buying pressure near the average purchase price of $98,000 for short-term holders".

◇Rising Coins = At 4 pm on the 24th on Upbit, Sei (SEI) recorded the largest increase, rising by approximately 16%.

Sei Network is the first blockchain protocol specialized in asset trading.

Developers must submit a proposal and obtain governance approval before deploying smart contracts on Sei Network. The network aims to provide an environment for new types of financial products, from a decentralized Nasdaq to complex options and futures for live sports betting.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 65 points, entering the 'Greed' stage. The greed stage is characterized by high price volatility and trading volume, indicating a potential price increase. Caution is advised for selling due to the high possibility of short-term peak formation.

The Relative Strength Index (RSI) provided by Sigbit is 61.9, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold levels for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr