Bitcoin (BTC) reached an all-time high of $124,089 (approximately 172.48 million won) last Thursday, followed by a sharp sell-off that caused it to plummet below $117,500 (approximately 163.08 million won). This decline resulted in the forced liquidation of long positions worth approximately $227 million (about 31.55 billion won), but derivatives indicators did not significantly react to this.
In the futures market, Bitcoin (BTC) premium remained at a neutral level, indicating that traders did not show significant volatility despite the recent sharp adjustment. This suggests that market participants perceive the downward pressure as a short-term correction. In the options market, the asymmetric skew related to bullish trends remained moderate, suggesting limited expectations for future price increases.
The market is focusing on whether this sharp decline is an overreaction to the US May Consumer Price Index (CPI) announcement or if there are inherent factors preventing it from breaking the $122,000 resistance level. Some analysts suggest that the Federal Reserve's interest rate freeze and recent employment indicators have caused market confusion and psychological burden.
Currently, Bitcoin has not secured a clear momentum for short-term growth and continues to fluctuate within a narrow range. With technical resistance levels and macroeconomic variables intertwining, traders are maintaining a cautious attitude. It is necessary to carefully observe whether this adjustment is a breather for breaking the peak or a signal of a deeper correction.
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