Bitcoin Holds Near 100 Million Won as Crypto Fear Persists Despite Tech Rally
Bitcoin traded within a narrow range around the 100 million won level on Nov. 12, failing to establish a clear direction. Despite a broad rebound in AI-related technology stocks on Wall Street overnight, improved risk appetite has yet to spill over into the cryptocurrency market.As of 8:10 a.m. on N
On November 12, Bitcoin's price remained relatively stable around the 100 million won mark, failing to form a clear trend. Despite a surge in AI-related technology stocks on Wall Street, the cryptocurrency market did not experience the same positive impact. As of 8:10 a.m. on November 12, Bitcoin was priced at 100.02 million won, or around $74,938, on Bithumb, a crypto exchange, which represented a 0.40% increase from the previous day.
In dollar terms, it was trading in the mid-$73,000 range on CoinMarketCap. However, Bitcoin was still down about 7.64% from a week earlier. Major altcoins like Ethereum, XRP, and Solana were mostly falling or showing mixed results, and the Fear & Greed Index, which measures market sentiment, was in the "fear" zone with scores between 27 and 29.
This sentiment deterioration was further highlighted by CoinMarketCap's index falling from 42 a week ago to 58 a month earlier.
The U.S. stock market closed higher, driven by CoreWeave's strong third-quarter earnings, an AI cloud company. CoreWeave's shares surged 10% in premarket trading, boosting sentiment towards technology stocks, but Bitcoin remained unchanged. The "kimchi premium" — the difference between domestic and overseas cryptocurrency prices — stood at around 1.6%.
Factors such as capital outflows and concerns over interest rate hikes are negatively influencing the cryptocurrency market. U.S. spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $95 million on November 11 (local time), marking the fourth consecutive day of outflows, totaling $1.1381 billion.
Market pricing suggested an 87.3% probability of the Federal Reserve raising its benchmark interest rate by 0.25 percentage points at its Dec. 8-9 meeting, adding downward pressure to the cryptocurrency market. Bitcoin was trading below the average cost basis of short-term holders, estimated at $75,600, with the next major support level identified near $68,000.
Digital asset analytics firm CoinGlass attributed this to continued capital outflows, which undermined potential price recoveries. Analysts, however, remain cautiously optimistic. Macro investor James Lavish stated that Bitcoin's long-term outlook remained intact, even with recent interest rate uncertainty, forecasting a potential price rise to $400,000 to $500,000 by mid-2029 if the price follows a standard deviation above the average trend line.
He believes it would be surprising if Bitcoin did not reach $200,000 to $300,000 by mid-2029. Key macroeconomic variables, such as the U.S. government's $2 trillion fiscal deficit, Fed's balance sheet expansion, rising consumer prices, and a possible December interest rate hike, will significantly influence Bitcoin's near-term direction, according to Upbit data.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
