Bitcoin 'takes a breather' during trading session after morning gains

Yellen, US Treasury Secretary: "Several Trade Agreements Will Be Concluded"
Cryptocurrencies Rise in Morning on Trade Agreement Expectations
BTC Maintains $109,000... Altcoins Maintain Price Range
Experts: "BTC, Decrease in Futures Trading Volume"... Predicting Downturn

The cryptocurrency market, including Bitcoin (BTC), rose in the morning of the 7th and then maintained a steady range.

The cryptocurrency market rose in the morning on expectations of a US trade agreement resolution. Scott Yellen, the US Treasury Secretary, said in an interview with CNN on the 7th, "Several trade agreements will be concluded soon before the deadline" and "While some countries are hesitating, progress is expected as pressure increases".

The mutual tariff grace period announced by President Trump ends on the 9th. As the mutual tariff grace period approaches and the US shows strong willingness to reach a trade agreement, the market rebounded on the 7th with expectations that global trade policy uncertainty will soon be alleviated.

Bitcoin maintained the $109,000 level, and many altcoins rose about 2% in the morning before stabilizing at similar prices.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 7th is 148.29 million won. Bitcoin's dominance is 65.24%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 36.40% and 63.60%, respectively.

Analysis suggests that Bitcoin is experiencing a downturn this summer based on the decrease in futures trading volume.

The Block reported that "last month's centralized exchange Bitcoin futures trading volume was $1.55 trillion (about 2,121.175 trillion won), 20% lower than this year's monthly average (19.3 billion dollars)" and "futures trading volume decreased by 15.7% month-on-month in June last year. In 2023, futures trading volume also sharply declined from January to June in the July-September period. Signs of a 'summer off-season' are appearing in the market".

◇Rising Coins = As of 4 PM on Upbit on the 7th, the cryptocurrency with the largest price increase from the previous trading day was Cobak Token (CBK), rising by about 12%.

Launched in March 2018, Cobak Token (CBK) is the world's first project combining a community and blockchain wallet. It is a token received as a reward for various activities in Cobak, which has about 330,000 users.

Cobak is a community platform where users can check cryptocurrency investment information and market prices. Cobak Token can be earned based on user contributions and used as a payment method within its ecosystem.

◇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 of increased 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 54.4, 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