Bitcoin recovers to $98,000: ”More trading volume needed to bounce back”

Bitcoin (BTC) spot exchange-traded index funds (ETFs) have turned to net inflows, and Bitcoin prices have recovered to the $99,000 range, as the cryptocurrency enters a full-scale bull market.
As of 1:32 p.m. on the 6th, the price of Bitcoin in South Korea was 146.22 million won, up 1.38% from the same time the previous day, according to the BitTorrent standard.
At the same time, the overseas Bitcoin price was trading at $99,189 (approximately 15.73 million yen) based on CoinMarketCap, up 0.79% from the same time the previous day.
) on the first day of the new year. Bitcoin price fell to the $92,000 line on CoinMarketCap. After recovering some of the losses, Bitcoin rose to $1,000 on the 4th.
The price has surpassed $98,000 and is approaching $100,000. The US Bitcoin spot ETF has turned into a net inflow. On the 2nd (local time), 242.3 million Bitcoin was invested into the Bitcoin spot ETF.
Although $908.1 million in funds flowed out, a large amount of funds flowed in the following day, and the price of Bitcoin is thought to have risen slightly due to the net inflow on that day.
Investor sentiment for crypto assets (virtual currencies) is in a state of "extreme greed." According to cryptocurrency data provider Alternative.mi,
The crypto fear and greed index on the 2019/10/23 was 76 points, up 4 points from the previous day. The closer the index is to 0, the closer the investment sentiment is to extreme fear, and the closer it is to 100, the closer it is to extreme optimism.
There is an analysis that for Bitcoin prices to gain further upward momentum, an increase in trading volume is necessary. Hong Kong virtual asset exchange Bitfinex said, "This month,
"The price of the coin will rise to $105,000," he predicted. However, Bitcoin trading volume appears to be low compared to past surges. Cointelegraph reported on the 3rd (local time)
"The daily trading volume of Bitcoin during the past two days was $66.7 million," he said, adding that this was 91% lower than the trading volume ($743 million) on the 5th of last month, when Bitcoin surpassed $100,000.
Axel Adler, a crypto quant analyst, said, "After Bitcoin broke through $100,000, there is still not enough trading volume to continue the rally."
We need quantity," he emphasized.