Bitcoin Falls to Around $85,000 on Profit-Taking [Crypto Briefing]

[Financial News] Bitcoin fell to around $85,000 amid profit-taking selling.
According to CoinMarketCap, a global cryptocurrency information platform, Bitcoin was trading around $85,000 as of 10:30 a.m. on the 6th, down 1.04% from the previous day over a 24-hour period.
Bitcoin was trading around 116 million won on the Korean won market. The Korea premium stood at 0.70%, according to Cryprice, a platform that compares global cryptocurrency market conditions.
Bitcoin has been on an upward trend since rising above $80,000 on the 19th of last month. It climbed as high as around $86,000 the previous day but later fell back to around $85,000 as some investors took profits.
The cryptocurrency market is hoping for an Uptober. The term combines “up,” meaning a rise, and “October,” and was coined after Bitcoin posted gains in October for six consecutive years from 2019 through 2024. Last year, however, Bitcoin plunged after reaching an all-time high as U.S.-China trade tensions escalated.
Some analysts also believe that the recent slowdown in U.S. employment indicators and the resulting reduced likelihood of a rate hike could lead to an Uptober. U.S. nonfarm employment rose by 29,000 in September, according to data released on the 3rd, far below the market forecast of an increase of 84,000. Since rate hikes can generally further slow employment growth, pressure for additional rate increases is easing.
The “Crypto Fear and Greed Index” provided by CoinMarketCap stood at 67 on the day, indicating “greed.” The index ranges from 0 to 100; figures closer to 0 indicate “extreme fear,” while those closer to 100 indicate “extreme greed.”
At the same time, Ethereum was trading around $2,711, down 0.42% from the previous day. Ripple (XRP) was trading around $1.50, down 1.04%.

[email protected] Im Sang-hyeok Reporter