[Bitcoin Now] Boring Sideways Movement Around $16,000... Investor Sentiment Remains 'Fear'

[Image source=Reuters·Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the representative virtual asset, has been stuck in the $16,000 range this week, keeping investor sentiment at a 'fear' level.

According to the global virtual asset market tracking site CoinMarketCap, as of 12:49 PM on the 25th, the price of Bitcoin was recorded at $16,845 (approximately 21.63 million KRW), down 0.03% from the previous day.

Bitcoin prices have been hovering in the $16,000 range since the 17th due to the Federal Reserve's (Fed) expected interest rate hikes next year and concerns over an economic recession. On the 20th, it dropped to the lowest level this week, around $16,400.

On the 21st of this month, as the U.S. stock market, showing a synchronized movement due to low-price buying inflows, rose slightly, Bitcoin recorded an increase of nearly 2%. It rose to around $16,980, nearly reaching the $17,000 level. However, the effect did not last long as concerns over tightening and economic recession became prominent. The virtual asset specialized media CoinDesk also forecasted that Bitcoin prices would remain at the current level for the time being.

As Bitcoin prices showed a sideways trend, coin investor sentiment also reflected a similar level. According to the virtual asset data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as an index, recorded 29 points (fear) on the day, the same as the previous day. This week, it recorded between 26 and 29 points, all indicating a fear level. Alternative's Fear & Greed Index means that the closer to 0 points, the more extreme pessimism and fear investors feel about investing, while the closer to 100 points, the more optimistic they are.