Despite upbeat New York stocks, Bitcoin treads cautiously and hovers uneasily around $70,000
Despite upbeat New York stocks, Bitcoin treads cautiously and hovers uneasily around $70,000
[Virtual Asset Market] Bitcoin at $70,400 Slightly Lower... ‘Fear’ Spreads Amid Mixed Altcoin Performance
Despite U.S. stock markets showing strength by setting a new all-time high for the Dow Jones Industrial Average on the back of rebounds in technology stocks such as Microsoft (MS) and Nvidia, the cryptocurrency market led by Bitcoin (BTC) continues an uneasy sideways movement without a clear direction. As the decoupling from U.S. equities deepens, market fear has reached an extreme, prompting investors to remain largely on the sidelines.
As of 7:27 a.m. KST on the 10th, data from CoinMarketCap shows Bitcoin down 0.52% from 24 hours earlier at $70,474, precariously holding above the $70,000 level. This represents a sharp 10.31% drop compared with a week earlier, indicating that the short-term downtrend remains intact. Ethereum (ETH) also slipped 0.70% to trade at $2,117, failing to escape weakness.
The altcoin market is mixed as well. Solana (SOL) edged up 0.20% to $87.16, outperforming modestly, while XRP fell 0.96% to $1.44 and Binance Coin (BNB) dropped 0.89% to $638.04, reflecting overall sluggishness. Notably, the Crypto Fear & Greed Index, a gauge of investor sentiment, recorded a score of 9, remaining in the ‘Extreme Fear’ zone and signaling that market anxiety has peaked.
◇ Why Are Coins Lagging While New York Stocks Rally?
Overnight, New York stock markets closed higher across the board as bargain hunting focused on technology shares. The Dow Jones Industrial Average set a new record high, while the Nasdaq index rose 0.90%. In particular, software stocks that had been sold off amid AI-related fears rebounded, with MS and Nvidia climbing 3% and 2.4%, respectively, leading market sentiment.
However, this positive momentum has failed to spill over into the virtual asset market due to intensifying decoupling and a lack of internal momentum. Recently, Bitcoin has shown increasingly independent movement as its correlation with U.S. equities declines. While stocks rebound on corporate earnings and AI optimism, the crypto market is reacting more sensitively to internal headwinds such as falling mining difficulty, sluggish inflows into spot ETFs, and regulatory uncertainty.
Moreover, unlike Wall Street investment banks such as Jefferies that have recommended bargain buying by reassessing the competitiveness of traditional software companies, the cryptocurrency market still lacks clear bargain-buying signals or strong upward catalysts.
◇ Outlook: Walking on Thin Ice Until a ‘True Bottom’ Is Confirmed
Experts believe that whether Bitcoin can firmly defend the $70,000 support level will determine the short-term direction of the market. If the $70,000 level breaks, bearish views suggest that additional corrections toward the mid-$60,000 range may be unavoidable.
That said, if the rebound in U.S. technology stocks continues and risk-on sentiment returns, there remains a possibility that buying interest could flow into the virtual asset market with a time lag. According to CME FedWatch, the probability of the Federal Reserve holding rates steady in March is estimated at 82.3%, suggesting that the macroeconomic environment is unlikely to deteriorate sharply.
For the time being, investors are advised to take a conservative approach, closely monitoring whether Bitcoin holds the $70,000 support level as well as trends in spot ETF inflows.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses incurred based on its contents. The information provided should be interpreted solely for informational purposes.*
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