[Bitcoin Now] Holding at $27,000 Level... Investor Sentiment 'Neutral'

Bitcoin prices remained in the $27,000 range amid ongoing concerns about interest rate hikes.

Image source=Reuters·Yonhap News

According to the global cryptocurrency market tracking site CoinMarketCap, as of 3:51 PM on the 21st, Bitcoin was priced at $27,102 (approximately 36 million KRW), up 0.87% from the previous day. Compared to a week ago, it rose by 0.86%.

Bitcoin prices fluctuated in the $27,000 range amid continued caution over interest rate hikes. On the 19th, the price dropped to the $26,400 range but later recovered. Jerome Powell, Chair of the Fed, gave no specific hints regarding June policy but showed a somewhat dovish stance by mentioning uncertainties due to the possibility of credit tightening.

However, recent Fed officials have indicated that inflation remains very high and that it is too early to change course. Lorie Logan, President of the Dallas Federal Reserve Bank, stated that there is not yet clear evidence to stop raising interest rates. John Williams, President of the New York Federal Reserve Bank, argued that although growth may slow down in the long term, there is "no evidence that the era of ultra-low interest rates experienced before the pandemic has ended."

Meanwhile, cryptocurrency investor sentiment remained neutral. According to the cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose by 4 points from the previous day to 52 points (neutral). Compared to 52 points a week ago, investor sentiment has recovered. Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.