[Asia Economy New York=Correspondent Baek Jong-min] The cryptocurrency Bitcoin fell back to the $44,000 range after failing to surpass $47,000.
According to CoinMarketCap on the 12th (local time), Bitcoin is trading at $44,300, down 4.5% compared to 24 hours ago.
Ethereum is trading at $3,042, down 6.2%, and Dogecoin is down 6.7% at 26.1 cents.
Bitcoin rose to $46,700 a day earlier but retreated due to hitting an overbought zone, analysts say.
CoinDesk reported that Bitcoin showed signs of buying exhaustion as it approached $47,000.
Bitcoin was evaluated as having re-entered a bull market after rising from the $40,000 low, but it is considered to lack the strength to quickly enter the $50,000 range.
Bitcoin has risen 50% over the past three weeks thanks to institutional and individual buying, but the technical analysis indicator, the Relative Strength Index, shows that further gains are unlikely in the near term.
Toby Chapple, Head of Trading at Zerocap, analyzed, "For Bitcoin to break through the $50,000 level, it must surpass the overbought zone."
Jaehan Chu, Managing Partner at Kinetic Capital, also said, "Bitcoin rose due to the Ethereum London hard fork effect, but the US-China conflict remains a minefield for the cryptocurrency market," adding, "With most of the Elon Musk effect gone, Bitcoin could fall to $30,000 but may then break through $50,000 and soar to an all-time high supported by institutional buying."
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