Bitcoin surges and then plummets despite Fed rate cuts, intensifying downward pressure on the $90,000 level.

Volatility increased as the price failed to break above the $94,400 high and then broke below the $92,290 support level.
Tether dominance rises 6.11%, strengthening risk aversion.
Short-term correction continues as buying pressure across altcoins, including ETH, weakens.

Bitcoin (BTC) rose on the 12th, fueled by large-scale additional purchases by long-term investors and expectations from the US political establishment for the institutionalization of virtual assets. Over the past ten days, market participants with a long-term holding tendency have accumulated approximately 75,000 BTC, while news that the US House of Representatives is pressuring the Securities and Exchange Commission (SEC) to allow virtual assets in 401(k) retirement plan portfolios has also contributed to improved investor sentiment.

In addition, the virtual asset fear and greed index rose 10 points from the previous day to 29, indicating a gradual recovery from extreme contraction. Tether dominance (USDT.D) remained stable at 5.973%, supporting a risk-on preference environment. Bitcoin continued its short-term upward trend, trading at $92,660 as of 3:30 PM, up approximately 2.7% from midnight.

The altcoin market also saw a surge in activity. Ethereum (ETH) showed a relatively strong performance compared to Bitcoin, trading at $3,260, up 3.23% from the same time period. The Sigbit Ethereum futures contract and the prevailing buying structure also maintained, indicating continued capital inflow. Overall, the market is showing a pattern of capital diversification into major altcoins, including Ethereum, amidst a Bitcoin-led upward trend.


◇ Bitcoin = As of 4:00 PM today, Bitcoin was trading at 134,660,000 won on Upbit. Bitcoin's market share (dominance) stood at 56.80%. Based on Sigbit, the long-short ratio in the Bitcoin futures market was 68.01% long and 31.99% short, indicating a bullish bet. Experts analyzed that the discussion in the US about including virtual assets in retirement pensions has improved investor sentiment.

◇ Rising Coins = As of 4:00 PM today, the coin with the largest increase on Upbit was Clearpool (cpool), soaring 15.08% compared to the previous day. Clearpool (cpool) is a project that provides a decentralized credit marketplace that provides uncollateralized credit to crypto-native institutions. It aims to build a new form of credit infrastructure by bridging traditional and decentralized finance.

◇ Fear and Greed Index = Today, Alternative's Fear and Greed Index stood at 29 points, reaching the "Fear" level. As the index remains at the fear level, investor sentiment remains conservative, and the potential for increased volatility remains.

◇ RSI = As of 4:00 PM today, the Sigbit-based cryptocurrency RSI was 45.2 (neutral). This indicates a continued directional search within the overbought/oversold range.

Lee Jeong-seop ljs842910@blockstreet.co.kr