Bitcoin, sideways for several days... Altcoins, cyclical rise

BTC, Facing Lack of Positive News, Maintains Slightly Bearish Trend on the 29th
Altcoins Rise Over 3% with Last Week's Fund Inflow
Foreign Media Highlights 401k BTC Investment Approval..."Major Positive News"

Bitcoin (BTC) has slightly declined on the 29th amid continued lack of positive news.

After consecutive new highs last week, Bitcoin has been maintaining a slightly bearish trend in the last week of May as significant positive news has disappeared. While major global governments and financial institutions have hinted at accepting Bitcoin, the absence of official announcements has led to a stalemate.

While Bitcoin remains sideways, funds that flowed in last week have moved to altcoins, causing them to rise over 3% in the afternoon. Particularly, 'lighter' altcoins with lower market capitalization recorded over 10% growth.

◇Bitcoin = At 4 PM on the 29th, the Bitcoin price on Upbit is 150.28 million won. Bitcoin's dominance is 63.62%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market recorded 50.45% and 49.55% respectively.

With the U.S. Department of Labor abolishing the provision prohibiting Bitcoin investment in 401k retirement accounts, analysis suggests this decision could lead to a significant Bitcoin price increase.

Foreign media Barron's pointed out that the current 401k managed assets total 9 trillion dollars (approximately 1.238 quadrillion won), forecasting accelerated fund inflow from Wall Street major institutions into Bitcoin.

◇Rising Coins = At 4 PM on the 29th on Upbit, Status Network Token (SNT) showed the largest increase, rising about 14%.

Status is a message platform developed based on Ethereum ERC, a mobile service connected with Ethereum's dApps. Its goal is to resolve potential coercion and corruption from centralized systems through blockchain technology adoption.

Status Network Token is used on the Status platform and utilized in various markets supported by the platform. Similar to the Ethereum platform, it enables smart contracts and supports money transfers and payments between users on messenger.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is 78 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a price rise section. There's a high possibility of short-term peak formation, so selling should be approached cautiously.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 45.4, in a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold scales for specific assets.

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