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Bitcoin rebounded to $90,000 within a week... "Rebound preparation completed"
Source: DecenterKorea Original Title: Bitcoin Recovers to $90,000 in a Week···“Ready for a Bounce” [D.Centers Market] Original Link: https://www.decenter.kr/NewsView/2H0M8EO9V4/GZ03
According to the data at 8 a.m. on the 27th, the price of Bitcoin (BTC) on domestic cryptocurrency exchanges increased by 2.86% compared to the previous day, reaching 134.68 million won.
Driven by the rebound in U.S. stocks, Bitcoin (BTC) has broken through $90,000 again within a week. Recently, the overheating in the market during the adjustment process has eased, and as long as the macro environment remains stable, the market has ample room for rebound, industry analysts believe.
According to data from global cryptocurrency market websites, at 8 AM on the 27th, Bitcoin (BTC) rose by 3.43% compared to 24 hours ago, trading at $92,273.61. Ethereum (ETH) also increased by 2.52% to $3,023.22. Ripple (XRP) climbed 1.18% to $2.222, while a major exchange's token (BNB) rose by 3.83% to $891.47. Solana (SOL) increased by 3.48% to $142.93.
The domestic market also shows a similar trend. The BTC on domestic cryptocurrency exchanges rose by 2.86% compared to the previous day, reaching 134,680,000 KRW. ETH increased by 1.51% to 4,510,000 KRW, and XRP rose by 0.52% to 1,490 KRW.
U.S. stocks rebounded broadly last week after a correction in tech stocks. The Dow Jones Industrial Average and the S&P 500 rose by 0.7% each, and the Nasdaq increased by 0.8%. The risk-averse sentiment has eased somewhat, leading to an inflow of buying funds into the cryptocurrency market.
The evaluation of the market's strength has also improved. Wintermute stated in the report, “The BTC funding rate has turned negative for the first time since reaching $115,000 at the end of October and has remained unchanged, while the scale of futures open interest (OI) has decreased from $230 billion to $135 billion, significantly adjusting leverage.” It further explained, “The overheated structure of the futures center has been resolved, and the market has shifted to the spot center, with the possibility of a rebound as long as the macro situation remains stable.”
However, the psychological state of cryptocurrency investment is still in a “state of extreme fear.” The fear and greed index from cryptocurrency data analysis firms has decreased by 5 percentage points from the previous day to 15 percentage points. The closer this index is to 0, the more frustrated the investment sentiment is, while the closer it is to 100, the more overheated the market is.