Bitcoin, moving sideways amid unstable international situation

BTC, Trump's Iran Air Strike Alert Causes Morning Plunge
Afternoon Low-Price Buying Maintains Support at $106,000
Altcoins Also Stop Falling Following BTC
CryptoQuant Points Out Decrease in Stablecoin Inflows

Bitcoin (BTC) experienced a morning plunge followed by buying pressure maintaining its market position.

On the morning of the 17th, the cryptocurrency market, including Bitcoin, sharply declined after Donald Trump warned of an air strike against Iran on his social media platform.

President Trump posted on his social media platform 'Truth Social', "Iran should have made a deal" and described it as "how tragic and a sacrifice of human life". He further stated, "Everyone should leave (Iran's capital) Tehran immediately".

With interpretations suggesting potential escalation of war in the Middle East, multiple altcoins, including Bitcoin, dropped by 2%.

Afternoon market low-price buying prevented further decline, maintaining morning price levels. Bitcoin maintained the $106,000 range, with most altcoins showing a steady trend.

◇Bitcoin = At 4 PM on the 17th, Bitcoin's price on Upbit was 146,950,000 won. Bitcoin's dominance was 64.75%.

According to on-chain analysis platform Sigbit, Bitcoin futures market long and short betting ratios were 40.18% and 59.82% respectively.

Amid somewhat chaotic international circumstances, projections suggest Bitcoin could decline based on decreased stablecoin inflows.

On-chain analysis platform CryptoQuant highlighted in its report that major stablecoin Tether (USDT) and USDC inflows to exchanges have significantly decreased.

Typically, Tether and USDC are used to purchase cryptocurrencies, including Bitcoin, on exchanges. Decreased Tether and USDC inflows are interpreted as reduced buying pressure.

◇Rising Coins = At 4 PM on the 17th, Stratis (STRAX) showed the largest increase, rising approximately 9%.

Stratis (STRAX) is a Bitcoin-based cryptocurrency providing a BaaS (Blockchain-as-a-Service) platform enabling enterprises to build customized blockchains without burden through its main Stratis blockchain and private chain.

Stratis provides hosting and consulting for dApps and allows private deployment of other major blockchain platforms like Ethereum, BitShares, and Rsk.

◇Fear and Greed Index = Alternative's digital asset Fear-Greed Index is at 68 points, entering the 'Greed' stage. The greed stage indicates increased price volatility and trading volume, with a higher likelihood of price increases. Caution is advised for potential short-term peak formation.

Sigbit's Relative Strength Index (RSI) for cryptocurrencies is 52.0, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures, indicating overbought and oversold levels for specific assets.

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