Bitcoin hovers around $91,000, with the market under pressure due to profit-taking pressures

Source: DecenterKorea Original Title: Bitcoin Fluctuates Around $91,000 · Profit-taking Selling Pressure Leads to ‘Weakness’ [DeCenter Market Overview] Original Link: https://www.decenter.kr/NewsView/2K78GWLI17/GZ03

Since the beginning of the year, Bitcoin has continued its upward trend and is currently consolidating around the $91,000 mark. The recent rapid rise has triggered profit-taking sell-offs, and with US employment data imminent, the market lacks clear upward momentum, showing a downward trend.

According to data from the global cryptocurrency market site CoinMarketCap, as of 8:34 AM on the 9th, BTC has decreased by 0.15% compared to 24 hours ago, trading at $91,117.29. Ethereum(ETH) fell by 1.80%, at $3,110.16. Ripple(XRP) declined by 2.03%, at $2.12. The leading exchange token(BNB) dropped by 0.68%, at $893.32.

The domestic market saw a slight increase. Data from domestic cryptocurrency exchanges show that BTC has risen by 1.36% compared to 24 hours ago, at 133.36 million Korean Won. ETH increased by 1.20%, at 4.554 million Korean Won, and XRP rose by 2%, at 3,114 Korean Won.

The overall market weakness is due to a large amount of profit-taking sell-offs following the rapid rise in cryptocurrencies since the beginning of the year. According to Coinglass data, a total of $406 million in liquidations occurred in the past 24 hours.

US Eastern Time 8:30 AM release of December non-farm employment data also contributed to the decline. This is the first time since the partial US government shutdown in October last year that employment data has been released on time, attracting market attention.

CNBC reported that, amid caution ahead of the US Department of Labor’s December non-farm employment report, Treasury yields rose and the US dollar appreciated. Against the backdrop of rising Treasury yields, major cryptocurrencies declined during trading, and the Nasdaq index also fell, indicating some negative impact on risk assets. On the 8th in New York markets, both short- and long-term US Treasury yields rose simultaneously, putting pressure on the cryptocurrency market. Bitcoin briefly fell below $91,000.

Cryptocurrency data analysis firm Alternative.me’s Fear & Greed Index stands at 28 points, indicating a “fear” state. The closer this index is to 0, the more bearish investor sentiment is; the closer to 100, the more overheated the market.