Bitcoin Trades in a $70,000 Range, Searching for Direction [Crypto Briefing]

[Financial News] Bitcoin was moving sideways around the $70,000 level on the 10th, searching for a clear direction.
According to global cryptocurrency data platform CoinMarketCap, Bitcoin was trading around $70,000 as of 10:10 a.m. that day, down 0.40% over the previous 24 hours. Over the past week, Bitcoin has fallen 11.06%.
In the Korean won market, Bitcoin was trading at around 103.7 million won. Based on data from global crypto market comparison platform Cryprice, the Korea Premium stood at 1.41%.
Bitcoin dropped to the $60,000 range on the 6th, then recovered to the $70,000 level the following day and has since held that price area.
Analysts say bargain hunters are stepping in after the sharp decline in risk assets. Yang Hyun-kyung, a researcher at iM Securities, explained, “Recently, the cryptocurrency market weakened alongside a steep drop triggered by speculation that Kevin Warsh could be the next chair of the Federal Reserve System (Fed), as well as a sell-off in tech stocks,” adding, “However, as bargain buying in artificial intelligence (AI) names has flowed into the U.S. stock market, risk appetite has shown some signs of recovery.”
Institutional money is also flowing in. According to CoinMarketCap, institutions were net sellers of Bitcoin Spot Exchange-Traded Fund (Bitcoin Spot ETF) shares for three consecutive trading days from the 3rd to the 5th, unloading a total of $1.24993 billion (about 1.8294 trillion won). However, on the 6th and 7th they turned net buyers, purchasing a combined $476.29 million (about 694.3 billion won).
Investor sentiment has improved slightly. The Crypto Fear and Greed Index provided by CoinMarketCap stood at 10 that day, indicating “extreme fear,” but this was an improvement from 9 the previous day. The index ranges from 0 to 100, with values near 0 interpreted as “extreme fear” and those near 100 as “extreme greed.”
At the same time, Ethereum was trading around $2,104, up 1.28% from the previous day. Ripple (XRP) was at about $1.43, a gain of 0.48%.

yimsh0214@fnnews.com Reporter Lim Sang-hyuk Reporter