Bitcoin reclaimed the 94 million won (approximately $62,400) level, buoyed by expectations of easing military tensions between the US and Iran, once again overtaking Samsung Electronics (005930.KS) in market capitalization. International oil prices fell after US President Donald Trump hinted at the possibility of negotiations with Iran, leading to a degree of stabilization in investor sentiment.<\/p>\n
As of 8:10 a.m. on July 10, Bitcoin was trading at 94.33 million won (approximately $62,653) on the South Korean crypto exchange Bithumb, up 0.13% from 24 hours earlier. In dollar terms, it was at $63,167, according to CoinMarketCap. Major altcoins showed mixed performance at the same time. Ethereum rose 0.15% and Solana gained 0.17%, while Ripple fell 0.06%.<\/p>\n
Previously, the US had conducted airstrikes against Iran for two consecutive days through July 8, heightening tensions between the two nations. Iran attacked three commercial vessels transiting the Strait of Hormuz on July 6-7, prompting US forces to launch retaliatory strikes on over 80 targets inside Iran on July 7. However, geopolitical concerns partially eased after President Trump told reporters that “Iran contacted us first and wants to make a deal.” This statement soothed risk-aversion sentiment and acted as a catalyst for Bitcoin’s price rebound.<\/p>\n
Bitcoin’s market capitalization once again surpassed that of Samsung Electronics on this day. According to CompaniesMarketCap, Bitcoin’s market cap stood at $1.266 trillion (approximately 1,906 trillion won), ranking 14th among global assets. It overtook the South Korean semiconductor giant as domestic chip stocks underwent a correction.<\/p>\n
Investment sentiment in the crypto market remains frozen. The Fear & Greed Index, which gauges crypto market sentiment, stands at 22, indicating “Extreme Fear.” A reading closer to 0 suggests the market is in a state of panic, increasing the likelihood of investor overselling. Furthermore, according to the crypto market comparison platform CryPrice, Bitcoin’s “Kimchi Premium” recorded -0.97% on this day. A negative Kimchi Premium means Bitcoin is trading cheaper in South Korea than on overseas exchanges.<\/p>\n
Institutional Capital Flees Again\u2026 $84.9 Million Net Outflow from ETFs<\/p>\n
Despite Bitcoin’s price rebound, institutional investor fund flows remain unstable. According to Farside Investors data from July 8 (local time), a total of $84.9 million (approximately 130 billion won) flowed out of the US Bitcoin spot ETF market on July 9. This marks a return to outflows after just four trading days since turning to net inflows on July 2.<\/p>\n
By fund manager, Grayscale’s ‘GBTC’ saw the largest outflow at $63.7 million (approximately 96 billion won). It was followed by BlackRock’s ‘IBIT’ with $59.1 million and Fidelity’s ‘FBTC’ with $14.9 million in outflows. The heightened geopolitical tensions in the Middle East are cited as the backdrop for this institutional capital flight.<\/p>\n
Crypto analytics firm Glassnode analyzed, “ETF fund flows are showing some signs of stabilization, but net outflows are continuing. Daily trading volume is also in the $650 million to $950 million range, down about 80% from the peak last October.” It added, “This means institutional demand has not clearly recovered. For market sentiment to reverse, selling pressure from long-term holders must ease, and institutional fund inflows must resume steadily.”<\/p>\n
Where are the Key Resistance and Support Levels?<\/p>\n
Market analysts hold varying opinions on Bitcoin’s short-term price outlook. Crypto analyst Micha\u00ebl van de Poppe predicted that Bitcoin could see further gains if it holds above $61,000 (approximately 92 million won). He analyzed on social media platform X, “If Bitcoin holds this support level, it will move higher.”<\/p>\n
Another analyst, Ted Pillows, assessed that Bitcoin is likely to continue its sideways trend if it fails to break above $65,000 (approximately 98 million won). Anonymous analyst Killa suggested that the current market structure does not appear to be a clear bear market, and a highly volatile trend could persist for the next few months. Killa pointed out that $68,000 (approximately 102 million won) would be a key resistance level for investors considering entering new short positions.<\/p>\n
Data analyst Daan Crypto Trades emphasized that Bitcoin is moving between $61,300 and $64,700, and that $64,700 will be the key price determining the direction of today’s daily candle close. He stated he is tracking the $61,300 zone as a major support level.<\/p>\n
Fed Tightening Concerns and Oil Price Volatility<\/p>\n
Meanwhile, the macroeconomic environment is also acting as a variable for Bitcoin’s price. According to the Federal Open Market Committee (FOMC) minutes released on July 8, Federal Reserve members pointed to inflation risks and argued for raising the benchmark interest rate. The minutes stated that “a few participants mentioned that there would be grounds for raising the target range for the federal funds rate, given upside risks to price stability.” According to the CME FedWatch Tool, the probability of a rate hike in September has risen to 69% from 42% a month ago.<\/p>\n
Oil price volatility due to Middle East tensions also weighed on the market. As US airstrikes on Iran began, Brent crude prices temporarily breached $80 per barrel, and West Texas Intermediate (WTI) also showed strength, surpassing $75. Rising energy costs lead to inflationary pressure, acting as a factor that lowers the likelihood of Fed rate cuts.<\/p>\n
Caroline Mauron, co-founder of digital asset firm Orbit Markets, told Bloomberg, “Bitcoin fell sharply after Trump’s remarks. The market is concerned about additional inflation from rising fuel prices and the possibility of rate hikes to curb it.” She forecasted, “We expect some support to emerge around the $61,500 level, but depending on how the geopolitical situation and macroeconomic conditions unfold, the market is likely to continue a highly volatile trend for the time being.”<\/p>\n
Is Bitcoin in a Bottoming-Out Phase?<\/p>\n
Market opinions are divided on whether Bitcoin has formed a long-term bottom. Some technical analysts argue that typical bottoming patterns are appearing on charts, while others suggest the possibility of a deeper macro bottom forming compared to past market cycles.<\/p>\n
Analysis suggests it is crucial for the Relative Strength Index (RSI) on the weekly chart to break above the downtrend line that has been in place since early 2024. Failure to surpass this trendline could prolong the current bear market. On the other hand, a positive signal is that Bitcoin’s price is being supported above the bull market trendline. This trendline is considered one of the last key support levels preventing a slide into a deeper bear market.<\/p>\n
Crypto analyst Ali Martinez analyzed that $63,000 is a major resistance wall that must be broken for a bullish reversal. He explained, “Many holders who bought near $63,000 may use the opportunity to break even as a selling opportunity, so selling pressure could increase in this zone.” He also warned that if Bitcoin loses the $59,000 support level, it risks falling to $46,000 or even $37,870.<\/p>\n
On-chain analytics firm Santiment noted, “War-related crypto discussions have surged. If tensions continue to escalate, Bitcoin and altcoins could struggle in the short term, but if fear grows too quickly and excessively, a sharp relief rally could occur when headlines calm down.”<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin reclaimed the 94 million won (approximately $62,400) level, buoyed by expectations of easing military tensions between the…\n","protected":false},"author":2,"featured_media":80970,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[530,10828,74,37949,43531,43530,114,27615,43532,127,276,116,43529],"class_list":["post-80969","post","type-post","status-publish","format-standard","has-post-thumbnail","category-samsung-electronics","tag-bitcoin","tag-blackrock","tag-donald-trump","tag-fear-greed-index","tag-fidelity","tag-grayscale","tag-iran","tag-kimchi-premium","tag-michael-van-de-poppe","tag-samsung","tag-samsung-electronics","tag-strait-of-hormuz","tag-us-bitcoin-spot-etf"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/80969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=80969"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/80969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/80970"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=80969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=80969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=80969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}