Bitcoin moves sideways amid caution ahead of US PCE announcement

BTC, Rising on the 26th, Hovering around $107,000 on the 27th
Altcoins Hovering or Slightly Declining during the Day on the 27th
Experts Predict "BTC to Rise Following US Futures Market"

Bitcoin (BTC) hovered on the 27th amid heightened caution ahead of the US May Personal Consumption Expenditures (PCE) announcement.

PCE is the key economic indicator that the Federal Reserve primarily references when determining the base interest rate. Particularly, 'risk assets' tend to decline or hover just before the PCE announcement due to heightened cautionary sentiment.

The cryptocurrency market hovered amid the tension before the PCE announcement, even with easing tensions in the Middle East region.

Bitcoin hovered around the $107,000 level on the 27th, and most altcoins slightly declined or maintained prices similar to the previous day.

◇Bitcoin = At 4 PM on the 27th, the Bitcoin price on Upbit was 147,220,000 won, up 0.17% from the previous day. The day's high was 147,384,000 won, and the low was 146,000,000 won.

Bitcoin rose in the early morning and then repeated fluctuations in the afternoon, maintaining movement within a narrow range above the 146,000,000 won support line. The 24-hour trading volume was 960.5 BTC, slightly decreased from the previous day.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 39.72% and 60.28%, respectively.

Experts predicted that Bitcoin would soon set a new record high due to the easing of geopolitical tensions in the Middle East region and expectations of interest rate cuts by the US Federal Reserve.

Nick Luck, director of cryptocurrency market analysis platform LVRG Research, argued in an interview with cryptocurrency media Cointelegraph that Bitcoin is preparing for a surge, based on the record-breaking US stock futures market on the 26th.

Luck said, "The ceasefire announcement in the Middle East region and expectations of Federal Reserve interest rate cuts are fully reflected in the current US futures market performance" and "Investors' risk appetite is currently increasing." He further analyzed that "If the Federal Reserve's interest rate cut is achieved within the next few months, coupled with continuous institutional fund inflows, Bitcoin could enter a new price range by breaking through the $109,000 resistance line."

Jeff May, COO of cryptocurrency exchange BTSE, also explained that "With the resolution of conflicts between Israel and Iran, Bitcoin has the conditions to break through its previous all-time high of $112,000."

Arthur Hayes, CEO of BitMEX, said, "Bitcoin's all-time high is approaching" and noted that "US stablecoin regulations and Middle East tension reduction are key triggers."

◇Rising Coins = At 4 PM on the 27th on Upbit, Sei (SEI) recorded the largest increase, rising by approximately 13%.

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 the Sei Network. The network aims to provide an environment that enables new types of financial products, from serving as 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 was 65 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a potential price rise. Caution is advised for selling due to the high possibility of short-term peak formation.

The Relative Strength Index (RSI) provided by Sigbit was 60.2, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates the overbought and oversold levels of a specific asset.

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