Bitcoin moves sideways amid tensions ahead of US CPI

Experts: "Key Indicators Will Break Market Balance and Create Direction"
BTC Remains Stable... Altcoins Rise Over 10% Riding Inflow Funds
CryptoQuant Claims "BTC Poised for Sudden Surge" Based on Data

Bitcoin (BTC) remained stable on the 11th amid cautious sentiment ahead of the US May Consumer Price Index (CPI) announcement.

The market is expected to determine its direction based on the US May CPI results. Dominic John, a Chronos Research analyst, explained through The Block, "Current market sentiment is in a balanced state" and "Many analysts believe that the upcoming US May CPI and Producer Price Index (PPI) will determine the short-term market direction".

While Bitcoin remained stable, altcoins alternately pumped and rose with the funds flowing into the market this week. Low market capitalization 'light' altcoins recorded over 10% growth.

◇Bitcoin = At 4 PM on the 11th, Bitcoin's price on Upbit was 150,680,000 won. Bitcoin's dominance was 64.00%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 34.00% and 66.00% respectively.

On-chain analysis platform CryptoQuant forecasted that Bitcoin is on the verge of a surge based on the correlation between Bitcoin Network Activity Index (NAI) and Bitcoin price.

According to the graph presented by CryptoQuant, the NAI actually maintained an almost direct proportional relationship with Bitcoin price, with NAI dropping and rising simultaneously with Bitcoin's price experiencing repeated sharp drops and rises.

CryptoQuant pointed out that NAI has currently dropped to 3,470, recording an 18-month low. CryptoQuant explained, "The silence of NAI data often signals an impending storm".

◇Rising Coins = At 4 PM on the 11th, the cryptocurrency with the largest increase on Upbit was BORA, rising about 11%.

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

The BORA project aims to develop a comprehensive game and content platform providing NFT marketplace, AMM DEX, and community features to activate a blockchain game ecosystem with a player token economy.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative was 72 points, entering the 'Greed' stage. The greed stage is a period with increased price volatility and trading volume, indicating a potential price rise. Caution is advised for selling due to the high possibility of short-term peak formation.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit was 63.8, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures for a specific asset and indicates overbought and oversold scales.

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