Bitcoin stagnates at $96,000, 'entering bear market'

Bitcoin (BTC) has been unable to break out of the box range since entering a correction market, and there is a clear positive in the situation where the emphasis is on the Federal Reserve's adjustment of the pace of interest rate cuts.
As of 1:20 p.m. on the 17th, the domestic Bitcoin price in South Korea was 1.2 times the previous day's average, according to the Bitcoin Market Index.
At the same time, the overseas Bitcoin price on CoinMarketCap fell 1.51% from the same time the previous day to 90,000.
It is trading at $6,064 (approximately 14.57 million yen). Bitcoin, which exceeded $98,000 on the 15th, then remained flat at the $97,000 range over the weekend.
After that, it fell to $96,130 at one point that morning, and has been fluctuating in the $96,000 range ever since. Last week, the U.S. Federal Reserve Board (FRB) announced that it would not rush to further cut the base interest rate.
After the announcement of this position, the price of Bitcoin has not been able to break out of the box range due to the lack of clear favorable factors.
This will lead to an increase in the price of Ethereum. On the same day, virtual asset market analyst MacTune said, "The 'Exchange Flow Pulse' indicator, which shows the flow of funds between spot exchanges and derivatives exchanges, is negative.
"This means that traders at bitcoin derivatives exchanges have become pessimistic about the market and are moving their funds to safe assets," he said.
"That potentially means the market has entered a bear market," he explained.
Bitcoin spot exchange-traded index funds (ETFs) have turned into net inflows. On the 14th (local time),
A total of $70.6 million flowed into the Bitcoin Spot ETF, which had recorded net outflows for four consecutive trading days since the 10th (local time).