Bitcoin falls slightly on short-term selling

Market Consolidation Due to Positive News Exhaustion, Short-Term Selling Trend Dominates Investor Sentiment
BTC Drops 1%... Altcoins Decline Deeper Amid 'Risky Asset' Avoidance Psychology
Experts: "BTC Likely to Trend Upward Long-Term with Institutional Fund Inflows"

Bitcoin (BTC) declined on the 2nd due to prolonged consolidation from positive news exhaustion and subsequent investor selling pressure.

The market shows that the previously unstable macroeconomic situation and resulting high volatility have increased short-term selling sentiment among investors.

Arash Yasabolian, founder of the Taosi AI trading platform based on Bitsensor, explained in an interview with CoinTelegraph that "current market trading is fundamentally happening through daily trading" and "investors are taking profits immediately due to recent price changes in the past few months".

Particularly, the unstable macroeconomic situation has intensified the decline of 'risky assets' like altcoins. While Bitcoin dropped by about 1%, altcoins recorded declines of over 2%.

◇Bitcoin = At 4 PM on the 2nd, Bitcoin's price on Upbit was 147,740,000 won. Bitcoin's market dominance was 64.56%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 52.85% and 47.15% respectively.

Despite Bitcoin's decline, experts forecast that institutions are currently purchasing Bitcoin and expect it to trend upward long-term.

Min Jung, a researcher at Presto Research under Presto, stated, "This rise is driven by institutional and long-term capital, not individual speculation" and "Companies like Strategy, Metaplanet, and 21 Capital are actively purchasing Bitcoin." She emphasized that this reflects an institutional paradigm shift regarding Bitcoin.

◇Rising Coins = At 4 PM on the 2nd, the cryptocurrency with the largest price increase on Upbit was Tokamak Network, rising approximately 35%.

Tokamak Network is a Layer 2 network platform. It supports interoperability through inter-layer message protocols and deploys customized Layer 2 networks while supporting all types of Layer 2 protocols.

Based on liquidity and low costs, Tokamak Network can be utilized in DeFi, Non-Fungible Tokens, and various blockchain projects. It is particularly attracting attention for its technological capabilities and compatibility among developers and business groups.

The Tokamak Network Token is used for fees, Staking, and rewards. It provides governance rights, enables chain creation through Staking, and serves as a means of rewards.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 64 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a potential price increase. Caution is advised for selling due to the high possibility of short-term peak formation.

The Relative Strength Index (RSI) provided by Sigbit is 48.6, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold levels for a specific asset.

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