Bitcoin Continues Quiet Sideways Movement Despite Good News Disappearing

BTC, Sideways Movement Due to Dollar Weakness and Disappearing Positive Factors
Altcoins Also Continue Sideways Trend Following BTC on the 28th
NYDIG: "BTC Transforming into a Safe Asset Like Gold from April"

Bitcoin (BTC) and the cryptocurrency market remained sideways on the 28th due to the disappearance of positive factors and subdued institutional buying.

As the trade war initiated by Trump failed to reach a clear conclusion, global asset markets fell into a mixed state on the 28th. Particularly, the US dollar was weak. The dollar index recorded 99.82 on the 28th, despite rising, marking its lowest level in about 3 years.

In the midst of dollar weakness, Bitcoin and the cryptocurrency market maintained prices similar to last week after a sharp rise, but lacked additional positive factors on the 28th.

Notably, the inflow of Bitcoin spot ETFs in the US last week significantly contributed to maintaining Bitcoin's price. According to Trader T, approximately $380 million (545.9 billion won) was net inflows into the US Bitcoin spot ETF on the 25th (local time). This marks the 6th consecutive day of net inflows.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 28th was 136.25 million won. Bitcoin's dominance was 64.21%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 41.38% and 58.62%, respectively.

Based on Bitcoin's movement in April, an opinion was presented that Bitcoin is beginning to transform into a safe asset like gold.

New York Digital Investment Group (NYDIG) pointed out in a report released on the 28th that Bitcoin is being separated from risky assets by analyzing its trading patterns in April.

Greg Cipolaro, NYDIG's Global Head, stated, "During April, Bitcoin showed a different pattern from existing risky assets" and "The buying trend and price movement Bitcoin demonstrated in April was clearly closer to a safe asset rather than a risky asset like leveraged US stocks."

He further emphasized, "Particularly, Bitcoin's flow showed characteristics of a value store with unclear asset production origins."

◇Rising Coins = On Upbit at 4 PM on the 28th, Ardor (ARDR) recorded the largest increase, rising by about 15%.

Ardor (ARDR) is an open-source multi-chain BaaS (Blockchain as a Service) platform improved from NXT by the Jelurida Foundation, also known as NXT 2.0.

The currency unit is the ARDR token, used as the main chain token of the Ardor Network for new block creation, network consensus, governance, and transaction fee payments.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is 54 points, entering the 'Neutral' stage. The neutral stage is a section where market participants' psychological resistance and support appear, indicating important decision-making for future price movements.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit recorded 60.4, in a 'neutral' state. RSI measures the relative strength between upward and downward price pressures of a specific asset and indicates the overbought and oversold scales of an asset.

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