Bitcoin Goes Sideway Intraday After Morning Gains

Bessent "Several Trade Agreements to Be Signed"
Cryptocurrency Gains in Expectations of Settlement
BTC Holds $109,000...Altcoin Maintains Price Range
"BTC Futures Trading Volume Downs"...Recession Forecasted

The cryptocurrency market, including Bitcoin(BTC), continued to take a breather during the day after rising on the morning of Jul. 7.

The cryptocurrency market rose in the morning on expectations of a U.S. trade deal. "A number of trade agreements will be signed soon ahead of the deadline," U.S. Treasury Secretary Scott Bessent told CNN on the 7th. "Some countries are hesitant, but we are looking forward to progress as the level of pressure increases."

The end of the mutual tariff grace period announced by U.S. President Trump is on the 9th. The market rebounded on the 7th on expectations that the U.S. will soon ease global trade policy uncertainty as the end of the mutual tariff grace period approaches.

A number of altcoins have traded at similar prices during the day after rising about 2% in the morning, including Bitcoin remaining around the $109,000 mark.

◇Bitcoin = Bitcoin price is $108,925 at 4:30 p.m. on Jul. 7, 2025. Bitcoin's share(Dominance) was 65.24%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 36.40% and 63.60%, according to the on-chain analytics platform Sigbtc.

Based on the decline in Bitcoin futures trading volume, an analysis showed that Bitcoin is facing a recession in the summer.

"The trading volume of bitcoin futures on the Centralized Exchange last month was USD 1.55 trillion, 20% lower than the monthly average of USD 190 billion this year," Double Rock said. "The trading volume of futures fell 15.7% in June last year compared to the previous month. In 2023, the trading volume of futures between July and September also dropped sharply from January and June. There are signs of a 'summer off-season' in the market."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Jul. 7 was Cobak Token(STRIKE), up about 12% on the day alone.

Cobak Token(CBK), which began its service launch in March 2018, is the world's first project that combines community and blockchain wallet. It is a token that is received as a reward for various activities at Covax, which has about 330,000 users.

Cobak is a community platform that allows users to check cryptocurrency investment information and market prices. Cobak Tokens can be received as much as users contribute to the service and can be used as a payment method within the ecosystem.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative has entered the 'greed' phase with 73 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. The government should be careful about selling the products as it is highly likely to form a short-term high.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 54.4, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr