Bitcoin Turns Recovery After A Sudden Morning Dive...$97,000 Flat

BTC Slips 11% With Huge Liquidation In Futures Market
Recovering $9.7K in Few Minutes After Dropping
Altcoin Bounces Intraday on Decline in BTC Dominance
CryptoQuant "BTC Rally Will Not End Soon"

Bitcoin(BTC) fell due to the sell-off that occurred on the morning of Dec. 6 and plunged in line with the massive liquidation of the futures market.

Bitcoin recorded a drop of about 11% in the morning, falling to $94,035 in the morning. According to data released by cryptocurrency media Crypto Slate on Dec. 6, the majority of liquidations in the futures market were recorded in Bitcoin, with Bitcoin's liquidation reaching $540 million and Bitcoin's long(rising) betting position reaching about $300 million.

Bitcoin, which entered a recovery phase with a 3% increase in about 30 minutes after plunging in the morning, went sideways from $97,000 during the day on Dec. 6.

The majority of the altcoins rebounded as the funds that had been driven to bitcoin were dispersed into altcoins due to the sideways movement of bitcoin.

◇Bitcoin = Bitcoin price is $97,975 at 4:30 p.m. on Dec. 6, 2024. The Bitcoin share(dominance) was 55.32%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 58.19% and 41.81%, according to the on-chain analytics platform Sigbtc.

Despite the weak performance after Bitcoin's plunge, experts predicted that the Bitcoin rally is not over yet.

CryptoQuant, an on-chain analysis platform, analyzed that the Bitcoin rally will continue more based on the Bitcoin distribution map. "At the beginning of the bullish market, long-term holders' Bitcoin holdings were strong, while short-term holders' Bitcoin holdings accounted for about 80% of the market's distribution at the end of the bullish market," CryptoQuant explained.

"If you look at the current distribution of Bitcoin, a significant amount of Bitcoin is in the hands of long-term holders, which means continued price growth and long-term bullish momentum," he stressed.

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Dec. 6 was ZeroX(ZEROX), which rose about 32%.

ZeroX is a decentralized exchange platform for digital assets based on the Ethereum network, and the ZeroX protocol allows Ethereum digital assets to be exchanged for P2P through smart contracts. ZeroX tokens(ZRX) are used as a means of granting and depositing governance authority within the platform.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'greed' phase with 72 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As there is a high possibility of a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 50.1, 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