Bitcoin Rides on Expectations Despite Profit-Selling

BTC Holds $95K On Profit-Setting Selling, Anticipating Buying
Altcoin Plays Lower in the Afternoon After Morning Gains
Experts "BTC Still Has Enough Rising Power...Can Rise Quickly"

Bitcoin(BTC) went sideways for two consecutive days on Nov. 28 after a decline that began following the sell-off of profit-taking. Analysts say that expectations surrounding the market are supporting the market despite the sell-off of profit-taking.

Bitcoin has turned downward after hitting an all-time high of $99,800 on Nov. 22, and has been falling and moving sideways. Bitcoin, which has continued to remain weak, maintained the $95,000 level.

The reason why Bitcoin does not suffer from severe adjustments in the existing bull market despite Bitcoin's decline is because of expectations for the future of Trump in the next administration.

The Washington Post reported on Nov. 27 that cryptocurrency lobbying groups urged Trump to stockpile bitcoin as a reserve asset at the national level.

"If we don't stockpile this asset, which is like digital gold, adversaries will have a chance to cash it out," Cody Carbone, head of Digital Chamber, a crypto lobby group, claimed, according to The Washington Post.

Andrew O'Neill, director of S&P Global, said, "As cryptocurrency advocates say, over time, if the dollar's purchasing power falls more than Bitcoin, it can be used to pay off national debt," adding, "Debt can break the spiral vicious cycle of debt."

Amid Bitcoin's sideways pace, some altcoins fell again after surging in the morning. Some altcoins with small market capitalization recorded gains of about 20% to 30%, still driving the bull market mood.

◇Bitcoin = Bitcoin price is $95,675 at 4:30 p.m. on Nov. 27, 2024. The Bitcoin share (dominance) was 58.27%.

The long (up) and short (down) betting ratios in the Bitcoin futures market stood at 49.90% and 50.10%, according to the on-chain analytics platform Sigbtc.

Despite Bitcoin's continued sideways pace, experts predict that there is plenty of room for Bitcoin to rise again.

CoinTelegraph, a media outlet specializing in cryptocurrency, said, "MicroStrategy has purchased an additional $5.4 billion worth of Bitcoin," adding, "This is evidence of strong demand from institutional investors."

"$100,000 is a strong psychological resistance line," said Quantum Economics CEO Marty Grisfun. "To break through this level, adjustments may be needed before we get enough upside momentum."

"When bitcoin prices reach an all-time high, they generally go through a stabilization process before further rise," said Brett Reeves of cryptocurrency trustee Bitgo, adding, "The influx of individual investors through ETFs and exchanges is increasing, so a quick rebound is possible when positive regulations or macroeconomic news comes out."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Nov. 28 was Groestlcoin(GRS), which rose about 31%.

Groestlcoin is a platform that supports the Lightning network as the first coin to run by separating Segwit from Bitcoin.

Segwit is a software upgrade system that increases the storage capacity of each block by separating the digital signature part from the block of Bitcoin. This has the advantage of strengthening anonymity and security and making transactions through a peer-to-peer (P2P) method, making the fee very low.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Greed' phase with 77 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 Sigbit was 52.1, 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