Bitcoin ($BTC) Fails to Break $110,000 Despite Expectations for US-China Trade Deal and Positive CPI

Bitcoin (BTC) failed to break through $110,000 (approximately 152.9 million won) despite positive U.S. Consumer Price Index (CPI) and trade agreement prospects between the U.S. and China. Although major economic indicators seemed favorable, the market turned negative. Last Friday, Bitcoin plummeted below $100,500 (approximately 146.25 million won) due to escalating conflicts between Trump and Elon Musk. However, it rebounded over the weekend and began rising again, even testing the $110,500 (approximately 154.45 million won) level early this week. While some expected an all-time high, the upward momentum was short-lived. With news of a potential trade agreement between Washington and Beijing and a positive May U.S. CPI, the macro environment appeared supportive. Despite these external positive factors, Bitcoin was pushed back from the $110,000 resistance level and subsequently dropped over $2,500 (approximately 3.47 million won), currently trading below $108,000 (approximately 150.12 million won). Consequently, Bitcoin's market capitalization decreased to approximately $2.14 trillion (about 2,974.6 trillion won), maintaining a 61% market share. The altcoin market also largely remained weak. Ethereum (ETH) declined over 1% to $2,750 (approximately 3.82 million won), and XRP dropped 4% to below $2.25 (approximately 313 won). Notably, Dogecoin (DOGE), TRON (TRX), Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), and Avalanche (AVAX) recorded daily declines of up to 7%. The total cryptocurrency market capitalization evaporated by $70 billion (approximately 9.73 trillion won) in a day, currently hovering around $351 billion (approximately 4,878.9 trillion won). While a few altcoins like SXP showed exceptional gains, the market generally demonstrated subdued investment sentiment despite abundant positive indicators.