Bitcoin, mixed as spot trading volume declines

S&P 500 and Other New York Stock Market Indices Reach New Highs
BTC Drops on Profit-Taking Selling Pressure... Altcoins Also ↓
Expert: "BTC Must Break Through $109,000 to Sustain Upward Trend"

Bitcoin (BTC) Declined on the 1st Due to Decreased Spot Trading Volume.

The cryptocurrency market, including Bitcoin, dropped despite the US stock market's boom. S&P 500 and other major New York stock indices reached new highs on the 30th (local time). The new highs in the New York stock market occurred amid news that the Donald Trump administration would resume trade negotiations with Canada.

The cause of Bitcoin's decline is attributed to increased profit-taking selling pressure. Bitfinex stated in a report released on the 30th, "Spot trading volume has decreased and buying pressure has weakened" and "This is because investors who began accumulating Bitcoin below $80,000 have started to realize profits".

Bitcoin saw a slight intraday decline, and major altcoins also dropped. Only low-cap 'lightweight' altcoins recorded more than a 5% increase.

◇Bitcoin = At 4 PM on the 1st, the Bitcoin price on Upbit was 145.7 million won. Bitcoin's dominance was 65.35%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 38.97% and 61.03%, respectively.

With Bitcoin price hovering around the $100,000 range, it is projected that it must break through $109,000 to reach a new high again.

Michael van de Poppe, a cryptocurrency analyst, said in an interview with cryptocurrency media Cointelegraph, "Bitcoin must definitely break through the key resistance level of $109,000 to continue its upward trend".

◇Rising Coins = At 4 PM on the 1st on Upbit, GameBuild (GAME2) recorded the largest increase, rising by about 20%.

The industry attributes GameBuild's rise to expectations of expanded game partnerships and new service launches.

Some analysts note that while no major positive news has been confirmed, a structure of short-term liquidity concentration in a few stocks has emerged.

Sei also rebounded, rising 1.57% that day, and some small and medium-sized altcoins like BitTorrent (BTT) and Loopring (LRC) showed a 1-2% increase.

GameBuild (GAME2) is a decentralized platform creating a game ecosystem based on blockchain technology. The platform supports developers, gamers, and advertisers, aiming to bridge the gap between Web 2.0 and Web 3.0 games. It provides tools for cryptocurrency management, game development, analysis, and in-game advertising, and is gaining attention in the blockchain game industry.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 64 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a price increase section. There is a high possibility of short-term peak formation, so caution is advised when selling.

The Relative Strength Index (RSI) provided by Sigbit is 46.8, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures for a specific asset and indicates the overbought and oversold levels of an asset.

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