Bitcoin, in the spotlight as a 'safe asset', is on the verge of breaking new records

BTC Breaks Through $107,000 Amid Increased Market Buying Pressure Experts: "BTC's Healthy Rise Follows Healthy Buying Pressure" Glassnode: "Caution on Volatility in Futures Market Open Interest"

Bitcoin (BTC) is gaining recognition as a 'safe asset', with buying pressure increasing and breaking through $107,000 on the 21st. Market analysis reveals that healthy buying pressure has been driving Bitcoin's rise. On-chain analysis platform Cryptoquant's researcher Avocado On-chain, in a report released on the 21st, analyzed that order volumes from major global exchanges are gradually increasing, driving Bitcoin's rise. He noted that the current situation differs from previous overheating periods that led to long-term adjustments. Global asset management firm Swiss Block's on-chain analysis also revealed that the Bitcoin Fundamental Index (BFI) remains in a neutral zone, even as it approaches an all-time high. Bitcoin rose to $107,000 in the afternoon, nearly breaking its previous record high of $108,786 set on January 20th. Bitcoin's rise also prompted multiple altcoins to surge over 2%, creating a typical upward market phase. ◇Bitcoin = As of 4 PM on the 21st on Upbit, Bitcoin's price is 151.18 million won. Bitcoin's dominance is 63.94%. According to on-chain analysis platform Sigbit, Bitcoin futures market long and short betting ratios were 33.63% and 66.37% respectively. Data was released cautioning about significant price volatility based on futures market open interest. On-chain analysis platform Glassnode reported that Bitcoin futures market open interest reached approximately $72 billion on the 20th. Open interest represents the total value of outstanding derivatives contracts. An increase in open interest can signal potential large-scale position liquidations in the futures market. ◇Rising Coins = As of 4 PM on Upbit, Mantra (OM) recorded the largest increase, rising about 26%. Mantra, the native token of a Real World Asset (RWA) specialized Layer 1 project, gained significant community traction. In April, Mantra experienced a massive market cap drop of about 6 trillion won overnight, sparking 'rug pull' suspicions in and outside the market. At the time, CEO John Mullin dismissed the rug pull allegations as mere rumors. ◇Fear and Greed Index = Alternative's digital asset Fear-Greed index is at 70 points, entering the 'Greed' stage. This stage indicates increased price volatility and trading volume, with a higher likelihood of short-term peak formation, requiring cautious selling. Sigbit's Relative Strength Index (RSI) for cryptocurrencies is 65.9, recording a 'neutral' state. RSI measures the relative strength between an asset's upward and downward pressure, indicating potential overbought or oversold conditions. Reporter Seung-won Kwon ksw@blockstreet.co.kr