Bitcoin Flips After Decline Following Profit-Running Sell off

BTC Continues Horizontal After A Big Sale On Nov. 26
Recovery from afternoon of the 27th...Maintaining $93K
Expert "BTC Drop, Temporary...Supporsed to Be Rise Again"

Bitcoin(BTC), which had been on the rise, began to adjust and went sideways at the $93,000 level on Nov. 27.

Analysts say that the reason for Bitcoin's decline was the sell-off of profit-taking and panic cells.

Bitcoin rose about $8,100 last week alone after former President Trump's election as U.S. president. When Bitcoin exceeded $98,000, investors began selling it for profit-taking, and as the price fell, short-term investors were also scared and sold Bitcoin with a scary momentum.

Bitcoin and altcoins, which have fallen since the afternoon of the 26th, showed signs of recovery from the late afternoon of the 27th.

◇Bitcoin = Bitcoin price is $93,415 at 4:30 p.m. on Nov. 27, 2024. The Bitcoin share (dominance) was 58.58%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 57.06% and 42.94%, according to the on-chain analytics platform Sigbtc.

Despite Bitcoin's decline, experts' prospects for Bitcoin were bright.

"When prices reach an all-time high, there is usually a consolidation period before further increases," said Brett Reeves of cryptocurrency trustee Bitgo. It is said that a natural adjustment has occurred in Bitcoin, which has been at an all-time high.

"We understand that funds from new institutions are coming into the sector and retail activities are increasing through ETFs and exchanges," he said, adding, "If positive macroeconomic and regulatory news comes out in the future, prices can rise quickly."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Nov. 27 was Moss Coin(MOC), which rose about 37%.

Quarkchain is a project that put forward a P2P transaction system. It was launched with an emphasis on scalability among the problems of blockchain, introducing "sharding" technology and promoting fast data processing. It uses a proof-of-stake work (PoS) consensus algorithm that combines proof-of-stake (PoW) and proof-of-stake work (PoS).

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Greed' phase with 75 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index (RSI) provided by Sigbtc was 43.4, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr