Bitcoin's 22% Rally Isn't Enough, It Must Break August High To Overcome Downtrend, Bitfinex Analysts Say
Portfolio Pulse from Murtuza Merchant
Bitcoin has rallied 22% but must surpass the August high of $65,200 to overcome its long-term downtrend, according to Bitfinex analysts. The recent gains are driven by futures markets, with spot market activity slowing. Analysts advise caution due to potential short-term corrections, despite positive ETF inflows.
September 23, 2024 | 7:05 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Bitcoin has seen a 22% rally but remains in a downtrend until it surpasses the August high of $65,200. The rally is driven by futures markets, with spot market activity slowing. Analysts advise caution due to potential short-term corrections.
Bitcoin's recent rally is significant but not sufficient to break its long-term downtrend. The dominance of futures markets over spot markets suggests a lack of sustained buying pressure, raising the risk of a short-term correction. However, positive ETF inflows could provide upward momentum.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100