Bitcoin rebounds on possibility of 30-day Russo-Russian ceasefire

Ukraine agrees to a 30-day ceasefire with Russia under US mediation
BTC rebounds with inflows of low-price buying pressure due to the possibility of a Russia-Ukraine ceasefire
Altcoins rise more than 2% on average during the day, following BTC
Experts remain pessimistic despite BTC's rebound... "Be careful of $70,000"

Bitcoin (BTC) rose during the day on the 12th, with the possibility of a 30-day ceasefire between Russia and Ukraine and the resulting low-price buying pressure.

Ukraine agreed to a 30-day ceasefire with Russia under US mediation on the 12th. US Secretary of State Marco Rubio announced that he would hold talks with Andrey Yermak, head of the Russian Presidential Administration, and Rustem Umerov, Russian Defense Minister, and persuade them to a 30-day ceasefire with Ukraine.

The news that the war between Russia and Ukraine, which has lasted for more than 3 years, could be briefly suspended has led to inflows of low-price buying pressure in the cryptocurrency market as well.

On the 12th, Bitcoin rose about 2.55%, including XRP rising 4.5% and many altcoins recording a rise of more than 2%.

◇Bitcoin = As of 4 pm on the 12th based on Upbit, the price of Bitcoin is 12.25 million won. Bitcoin's market share (dominance) was 62.04%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 67.46% and 32.54%, respectively.

Despite Bitcoin's rebound, the pessimism surrounding Bitcoin has not yet subsided.

Jeff May, COO of BTSE, said, "Bitcoin prices could fall to $70,000," and "Bitcoin will show a full-fledged recovery only when the Trump administration's trade war ends and the US benchmark interest rate is cut."

◇Rising Coins = As of 4 pm on the 12th based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was Akash Network (AKT), rising about 23%.

Akash Network is a blockchain project that trades computing resources. You can trade computing resources such as CPU, GPU, and memory through the Akash Compute Marketplace, and record the transaction history on the Akash Blockchain.

◇Fear and Greed Index = The Digital Asset Fear-Greed Index provided by Alternative is 34 points, maintaining the 'Fear' stage. The Fear stage (20-39) is a stage where cryptocurrency price volatility and trading volume are high, and prices are falling. The possibility of forming a short-term bottom is high, so caution is needed when buying.

The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 46.8, recording a 'neutral' state. RSI is an indicator that represents the relative strength between the upward pressure and downward pressure of a specific asset price, and indicates the degree of overbought and oversold of a specific asset.

Reporter Kwon Seung-won ksw@blockstreet.co.kr