[Bitcoin Now] Slight Rise and Sideways Movement in the Low 30,000 Dollars... Unpredictable Market Conditions

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] The price of the leading cryptocurrency Bitcoin is moving sideways in the low $30,000 range.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:03 AM on the 23rd, Bitcoin's price was $30,170 (approximately 38.28 million KRW), up 2.33% from the previous day.

Bitcoin's price is consolidating around the $30,000 level amid a bearish market trend. Cryptocurrency specialized media CoinDesk reported that although Bitcoin has somewhat recovered compared to last week, it is still caught in a bearish trend. It also noted that investors are moving away from risky assets including cryptocurrencies due to the Federal Reserve's interest rate hikes, the economic crisis caused by Russia's invasion of Ukraine, and the possibility of a recession.

Analysis suggests that upward momentum is needed for a price rebound. Joe DiPascal, CEO of BitBull Capital, said, "Bitcoin attempted to break out of the box range while maintaining last week's price level," but added, "It needs to surpass $31,000 to $32,000 to return to an upward trend." He further stated, "The cryptocurrency market is not showing strong buying pressure that would indicate a reversal," and "It is difficult to predict whether the direction will be up or down."

The Nasdaq index, which is technology stock-heavy and shows a correlation with Bitcoin's price, fell slightly. On the previous trading day, the 20th (local time), the Nasdaq closed down 33.88 points (0.30%) at 11,354.62. In contrast, the Dow Jones Industrial Average rose 8.77 points (0.03%) to 31,261.90, and the large-cap S&P 500 index closed up 0.57 points (0.01%) at 3,901.36.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded a 'Fear' level at 33.17 on the day. This is a decrease of 1.34 from the previous day's 34.51 (Fear). Dunamu's Digital Asset Fear & Greed Index is divided into stages: 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. A greed direction indicates increased buying interest among market participants, whereas a fear direction reflects a fear of asset decline leading to market exits and a chain reaction of price drops.

This content was produced with the assistance of AI translation services.