[Bitcoin Now] Recovers to $30,000 Range on Low-Price Buying... Market Sentiment Still 'Gongginori'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of the representative cryptocurrency Bitcoin has shown an upward trend due to low-price buying demand, recovering to the $30,000 range.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 12:16 PM on the 6th, the price of Bitcoin was $30,918, up 3.81% from the previous day (approximately 38.71 million KRW).

The Bitcoin price recovered to the $30,000 range after three days as low-price buying demand continued. Cryptocurrency specialized media CoinDesk analyzed that investors are waiting for clear signals regarding inflation trends and the global economy, causing Bitcoin prices to hover around the $30,000 threshold. Joe DiPascal, CEO of BitBull Capital, explained, "Bitcoin prices will show weakness until they firmly break through the $31,000 to $32,000 range," adding, "Buying demand below $30,000 continues to be observed." However, he predicted a higher possibility of Bitcoin prices declining from the current state. CEO DiPascal stated, "I expect Bitcoin prices to show direction within the next week, either breaking out of the current range or falling to lower lows."

Pessimistic forecasts continue to emerge. Earlier, the Winklevoss twins, major players in cryptocurrency, said, "A winter is coming for cryptocurrencies," and mentioned plans to reduce 10% of Gemini (cryptocurrency exchange) employees. Meanwhile, Coinbase, the largest exchange in the United States, announced it would indefinitely extend its hiring freeze.

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 39.13 on the day, indicating a 'Fear' stage. Compared to 34.93 (Fear) the previous day, it rose by 4.19, but compared to 42.25 (Neutral) a week ago on the 30th of last month, it fell by 3.13. Dunamu’s Digital Asset Fear & Greed Index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased interest in buying by market participants, whereas moving toward fear indicates a fear of asset decline, leading to market exits and a chain reaction of price drops.