Bitcoin fluctuates around $92,000, with the regulatory environment emerging as a key factor in the market

Source: BlockMedia Original Title: [Coin Market News] Bitcoin Fluctuates Around 13.7 Million Won… “Regulation Is the Key Variable” Original Link: On the 12th, Bitcoin is moving around the $92,000 mark. The market volatility is increasing due to the collapse of major Fibonacci support levels and large-scale long liquidations.

As of 8:38 AM today, on domestic digital asset exchanges, Bitcoin(BTC) is trading at 137.54 million won, up 0.77% from 9 AM the previous day. At the same time, on global exchanges, it is trading at $92,780, up 0.85%. Ethereum(ETH) has fallen 2.49% to $3,241, and XRP(XRP) is down 0.23% to $2.04.

According to CoinGlass, in the past 24 hours, approximately $169.29 million(about 249.2 billion won) worth of positions in Bitcoin have been liquidated, of which about 54.6% were long(buy) positions. In the overall digital asset market, approximately $457.8 million(about 674.1 billion won) in liquidations have occurred.

The primary reason for Bitcoin’s correction is the collapse of a major Fibonacci support level. The widely used Fibonacci retracement ratio in digital asset markets had its 0.382 level around $91,000, but recent price declines have definitively broken below this level, raising significant caution among medium- and short-term investors.

However, not all signals are negative. Recently, the daily chart confirmed a ‘golden cross’ where the 50-day moving average crossed above the 200-day moving average. This is traditionally interpreted as a medium-term bullish signal, and in past Bitcoin markets, large upward rallies have often followed a golden cross, attracting investor interest.

Nevertheless, market sentiment remains fragile. The overall correction in global risk assets, uncertainty surrounding the timing of U.S. interest rate cuts, and weakness in major tech stocks are putting pressure on Bitcoin. Especially, the leverage-based investment positions that increased significantly this year have triggered excessive liquidations(long squeezes) during downturns, further amplifying volatility.

Despite this, a relatively optimistic long-term outlook prevails. Factors such as expanding institutional demand, stable spot ETF market redemption structures, and the expansion of blockchain infrastructure by major global corporations are seen as positive. Mining companies’ hash rate continues to rise, with network stability approaching record highs.

Jasper de Maier, Wintermute Desk strategist, commented, “The de-coupling(decoupling) phenomenon between digital assets and stock markets surrounding macroeconomic events has once again been confirmed.” He added, “Now, the US virtual asset regulation environment is emerging as a key market variable, more so than Federal Reserve(Fed) monetary policy.”

He further explained, “In the past year, only 18% of days when major macroeconomic indicators were announced saw Bitcoin(BTC) outperform Nasdaq returns,” and “While stocks rebounded yesterday, digital assets showed weakness,” meaning “the expectation of rate cuts is already largely priced in and no longer provides support.”

Meanwhile, the Alternative Fear & Greed(Fear&Greed) index, which indicates investor sentiment in the digital asset market, rose to 29 points(fear) from 26 points(the previous day. The Alternative Fear & Greed index suggests that closer to 0 indicates strong selling pressure, while closer to 100 indicates strong buying momentum.