[Bitcoin Now] Investors Cautious Ahead of US April CPI... Sideways Movement Around $31,000

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] Bitcoin is trading sideways due to the mixed performance of the U.S. stock market the previous day and the upcoming release of the April Consumer Price Index (CPI).

According to the global cryptocurrency market tracking site CoinMarketCap, as of 10:58 a.m. on the 11th, the price of Bitcoin was $30,810 (approximately 39.35 million KRW), down 0.01% from the previous day.

The sideways movement in Bitcoin’s price is attributed to the mixed signals in the U.S. stock market, which has shown a synchronization phenomenon but experienced some rebound buying. On the 10th (local time), the tech-heavy Nasdaq index closed at 11,737.67, up 114.42 points (0.98%) from the previous session, while the Dow Jones Industrial Average fell 84.96 points (0.26%) to close at 32,160.74. The S&P 500 index ended trading at 4,001.05, up 9.81 points (0.25%) from the previous session.

The upcoming release of the April CPI is also believed to be influencing Bitcoin’s price. Cryptocurrency-focused media outlet CoinDesk stated, "Cryptocurrency investors will be paying close attention to the April CPI report," adding, "While inflation has slowed, the prevailing expectation is that prices will remain at a high level."

Major altcoins are showing slight gains. At the same time, Ethereum is trading at $2,338 (approximately 2.98 million KRW), up 1.46% from the previous day, and Solana is trading at $65.97 (approximately 84,250 KRW), up 2.24% from the previous day.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, the operator of the domestic cryptocurrency exchange Upbit, recorded 26.96 on the day, indicating a 'Fear' stage. This is an increase of 3.50 compared to 23.47 (Fear) the previous day. Dunamu’s Digital Asset Fear & Greed Index is divided into stages: 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. A movement toward greed indicates increased buying interest among market participants, whereas a shift toward fear reflects a growing fear of asset decline, leading to market exits and a chain reaction of price drops.