[Bitcoin Now] Trading in a Box Range Around $19,000... Investor Sentiment Freezing

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myung-hwan Lee] Bitcoin prices, which had fallen due to the higher-than-expected US Consumer Price Index (CPI) for September, are showing a stagnant trend in the $19,000 range.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:20 AM on the 17th, Bitcoin was priced at $19,200 (approximately 27.56 million KRW), up 0.27% from the previous day.

Bitcoin prices briefly rebounded and then declined following the release of the US September CPI on the 13th (local time), and have since been moving within a range. The US September CPI rose 8.2% year-over-year and 0.4% month-over-month, slightly exceeding Dow Jones experts' forecasts of 8.1% year-over-year and 0.3% month-over-month.

Immediately after the CPI announcement, Bitcoin prices dropped to the mid-$18,000s but climbed close to the $20,000 mark as the US stock market rebounded. Since the 15th, prices have fluctuated around the low $19,000s.

Bitcoin prices appear to be forming a support level despite concerns over further tightening. Edward Moya, Senior Market Analyst at global investment firm OANDA, said, "Despite increasing risk aversion among investors, Bitcoin is holding up well," adding, "Even though the Federal Reserve's rate hike possibility is rising, Bitcoin is still trading around the $19,000 level."

However, cryptocurrency investor sentiment has cooled further. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, dropped 4 points from 24 (extreme fear) the previous day to 20 (extreme fear) on this day. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.

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