Bitcoin falls on Trump-Musk conflict

BTC, Trump-Musk Public Estrangement Declaration Continues Decline
'Risky Assets' Altcoins Deepen Decline in Afternoon Trading on the 9th
Kass Abbott: "BTC May Surpass $110,000 Next Week"

Bitcoin (BTC) declined on the 9th due to the conflict between Donald Trump and Elon Musk, CEO of Tesla.

As the relationship between the two figures, who were known as 'Bitcoin lovers' and in a cooperative relationship, approached a breaking point, the cryptocurrency market, including Bitcoin, declined. On the 7th, Musk posted an X post attacking Trump regarding the Epstein involvement allegations. Trump expressed his anger multiple times through his X account and media interviews, publicly declaring that their relationship had reached a breaking point.

As the two figures who had previously boosted Bitcoin essentially declared a breakup, Bitcoin entered a weak trading pattern. Altcoins also weakly declined during the day on the 9th. Altcoins that had risen in the morning completely gave up their rebound in the afternoon.

◇Bitcoin = At 4 PM on the 9th, the Bitcoin price on Upbit was 145.35 million won. Bitcoin's dominance was 64.69%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 41.74% and 58.26%, respectively.

Experts predicted that Bitcoin would rebound in the near future despite consecutive declines.

Cryptocurrency trader Kass Abbott predicted Bitcoin's rise on the 8th through his X account based on betting situations in the Bitcoin futures market.

According to the data Abbott disclosed, approximately $15.11 billion (about 20.5874 trillion won) was bet on long positions and $9.58 billion (about 13.0528 trillion won) on short positions in the Bitcoin futures market.

Abbott stated, "I expect significant changes in Bitcoin next week, and Bitcoin has the potential to rise above $109,000 to $110,000."

In fact, before Bitcoin set a new high, the open interest in the Bitcoin futures market in the fourth week of May reached $81 billion (about 111.3912 trillion won), reaching an all-time high.

◇Rising Coins = At 4 PM on the 9th on Upbit, BORA recorded the largest increase, rising by about 20%.

BORA, a representative domestic Non-Fungible Token, is attracting attention as a decentralized digital currency based on blockchain technology.

The BORA project aims to develop a comprehensive game and content platform that provides features such as NFT marketplace, AMM DEX, and community to activate a blockchain game ecosystem composed of game player token economy.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 62 points, entering the 'Neutral' stage. The neutral stage is a section where psychological resistance and support from market participants appear, indicating important decision-making behaviors for future price movements.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit was recorded at 54.5, in a 'neutral' state. RSI determines the relative strength between upward and downward pressure of a specific asset price and is an indicator showing the overbought and oversold scales of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr