Bitcoin Rides on Alert Ahead of Major Announcement

Investors' Tension Risen Ahead of U.S. Fed FOMC Release
Coin Shrinkage of Investment Ahead Of 'Crypto Week'
BTC, $108K Sideways...Altcoin Rises by Money Flow from BTC
Experts "BTC Has Possible Rise in On-Chain Data"

Cryptocurrency markets, including Bitcoin(BTC), took a wait-and-see stance on the 9th ahead of the announcement of the Federal Open Market Committee(FOMC) minutes and the U.S. Congressional vote announced next week.

On Jul. 9 (local time), the U.S. Federal Reserve will announce the minutes of its FOMC meeting. As key Fed officials raised the possibility of a rate cut in July, attention was drawn to the results of the June FOMC meeting, creating tension in the market.

The fact that three cryptocurrency regulations will be voted on by the U.S. Congress between the 14th and 18th of next week has also created tension in the market. The U.S. House of Representatives announced that it plans to deal with three major cryptocurrency-related bills, including the CLARITY Act, the GENIUS Act, and the CBDC Monitoring Bureau Act, during this session.

The market was full of wait-and-see measures on the 9th, and major cryptocurrencies including Bitcoin went sideways on the prospect that the market could falter significantly depending on the outcome of the U.S. Congressional vote on cryptocurrency regulations.

Bitcoin has been trading sideways for days at $108,000. The altcoin has risen.

The reason is the decline in Bitcoin Dominance. It is analyzed that the funds that had been concentrated in Bitcoin were concentrated on altcoins, and the rise was centered on major altcoins.

◇Bitcoin = Bitcoin price is $108,725 at 4:30 p.m. on Jul. 9, 2025. The Bitcoin share(dominance) was 64.93%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 37.53% and 62.47%, according to the on-chain analytics platform Sigbtc.

Many experts predicted the rise of Bitcoin based on on the on-chain data. This is based on an analysis that Bitcoin is still undervalued on the on-chain index.

CoinTelegraph, a media outlet specializing in cryptocurrency, said, "The Bitcoin Mayer Multiple Index is currently at 1.1," adding, "This can be seen as Bitcoin moving at a lower price point compared to the past bull market and being undervalued."

"October, 550 days after the half-life of Bitcoin in April last year, is likely to be the peak of the cycle," said Lekt Capital cryptocurrency analyst. "There are only three months left."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Jul. 9 was Celo(CELO), up about 9% on the day alone.

Celo is a mobile blockchain project that uses public keys of e-mail and phone numbers. In order to create an ecosystem where peer-to-peer loans, transfers, and digital assets can be easily transmitted to wallets, the general public also aims to make financial services easily accessible to people around the world by using smartphones.

Celo tokens are used to reward people participating in the ecosystem or as on-chain fees and to make governance investments.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative has entered the 'greed' phase with 66 points. The greed phase is a phase where price volatility and trading volume increase, and the price increases. The government should be cautious about selling products as it is highly likely to form a short-term high.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 53.7, 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