Bitcoin falls slightly on profit-taking selling

BTC, Strong US Employment Indicators and Trump's Budget Passing Cause Morning Surge
Afternoon Selling Pressure Leads to BTC Decline... Altcoins Lose Morning Gains
Experts Say "BTC Showing Different Trend Due to Institutional Buying"

Bitcoin (BTC), which had surpassed $110,000, slightly declined in the afternoon due to profit-taking selling.

Bitcoin broke through $110,000 late in the afternoon on the third day, following strong US employment indicators and news of the Trump administration's budget passing through Congress.

However, afterward, profit-taking selling pressure emerged, with altcoins completely giving up their morning gains. Bitcoin dropped to $108,000, and altcoins recorded an average decline of over 3% in the afternoon.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 4th was 148.23 million won. Bitcoin's dominance was 65.43%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 32.21% and 67.79%, respectively.

Experts pointed out that Bitcoin's dynamics are shifting towards institutional investors, which is evidence that Bitcoin is flowing in a direction different from the past.

Bloomberg, citing 10x Research, reported that approximately 500,000 Bitcoins were sold over the past year, and institutional investors purchased them. In fact, institutional investors are estimated to control about a quarter of the world's Bitcoin.

Bloomberg analyzed, "Below the surface, institutions are increasing purchases, and long-dormant whales have been reducing their positions" and "This transition is gradually changing Bitcoin's identity from a 'high-octane trade' with high risk and high profit potential to a slowly distributing asset."

◇Rising Coins = At 4 PM on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was Strike (STRIKE), rising by about 34%.

Strike is a decentralized short-term financial market platform project on the Ethereum blockchain that allows users to borrow and supply cryptocurrencies without intermediaries. In other words, it is an Ethereum-based DeFi project. The Strike token is used for governance rights or rewards within the platform, particularly paid as rewards to lenders.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 73 points, entering the 'Greed' stage. The greed stage is a period with high price volatility and trading volume, indicating a potential price increase. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit is 54.6, recording a 'neutral' state. RSI determines the relative strength between upward and downward pressure on a specific asset's price and indicates the measure of overbought and oversold conditions.

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