Bitcoin adjusts at the $95,000 resistance level... Market sentiment remains cautious

Source: BlockMedia Original Title: [Coin Market] Bitcoin Pauses at $95,000 Resistance… Cautious Despite ETF Inflows Original Link: Before the US stock market opened, Bitcoin(BTC), which briefly approached $95,000, turned downward and fell to $91,000. Subsequently, buying pressure entered the market, and it is now trading around $93,000. This reflects the repeated pattern of US intraday declines followed by rebounds during Asian and European trading hours.

As of 8:20 AM on the 7th, on the domestic digital asset exchange Upbit, Bitcoin(BTC) was traded at 13,574,200 KRW, down 0.25% from 9 AM the previous day. On global exchanges, it was recorded at $93,518, down 0.62%. At the same time, Ethereum rose 1.67% to $3,288, and XRP(XRP) fell 2.44% to $2.30.

According to CoinGlass, approximately $140.07 million(about 202.9 billion KRW) of positions were liquidated in Bitcoin over the past 24 hours. Of these, about 77.44% were long(buy) positions. In the overall digital asset market, liquidations totaled $449.27 million(about 650.9 billion KRW).

Bitcoin turned downward after the US stock market opened. This correction occurred amid a slight rise in the New York stock market, indicating a continued trend of decoupling(Decoupling), where the digital asset market shows different movements from the stock market. Meanwhile, gold, classified as a safe-haven asset, recovered to $4,500 per ounce, and silver surged 5%, surpassing $80, indicating a generally bullish metals market. Copper prices also broke $6 per ounce, reaching an all-time high.

Market observers are noting that Bitcoin has failed to break through the strong resistance at $95,000. Matt Mena, a research strategist at 21Shares(21Shares), said, “Recently, Bitcoin’s price trend is increasingly characterized by its role as a hedge against geopolitical risks rather than inflation or central bank policies,” and added, “Changes linked to strategic asset accumulation among nations are being observed.”

Subsequently, Bitcoin showed a rebound ahead of the Asian stock market opening. However, despite recent recovery in spot prices, a defensive investment stance remains prevalent across the derivatives market. Last week, funds flowed back into Bitcoin spot ETFs(ETF), but there is still no clear sign of support from the futures and options markets.

Bettle Runde, lead researcher at K33 Research, stated in a report, “While there are some signs of improved market sentiment, the overall investment attitude remains cautious and watchful amid the recent upward trend.”

According to the report, spot trading volume, volatility, and leverage in derivatives are all close to their lows seen before December last year. Notably, about 86% of open interest(Open Interest) is concentrated in the nearest expiry month(Front-month), suggesting limited expectations for medium- to long-term price increases.

The funding rates(Funding Rates) for perpetual futures(Perpetual), which gauge risk appetite, remain low, indicating that active position building on bullish assumptions is subdued. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, commented, “The decreasing volatility of Bitcoin compared to other assets like gold or stocks suggests that the era of record-breaking returns for digital assets may be coming to an end.”

Meanwhile, the Alternative Fear·Greed(Fear·Greed) index, which reflects investor sentiment in the digital asset market, surged sharply to 44 points from 26 the previous day. The index indicates that closer to 0 signifies strong selling pressure, while closer to 100 indicates strong buying interest.