Bitcoin

<ul><li>Santiment warns of a likely Bitcoin price correction, attributing it to heightened profit-taking activities.</li><li>Despite market uncertainty, Bitcoin experiences consistent growth in unique address activity.</li><li>Benjamin Cowen predicts that Bitcoin is aiming for a $27.2k resistance zone.</li></ul>In a recent development, market intelligence platform Santiment has issued a cautionary note for Bitcoin traders. According to their on-chain analysis, a price correction is likely due to a surge in profit-taking activities. Interestingly, this comes when Bitcoin has seen a 1.2% price<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"> increase</a>, pushing its value to approximately $26.6k.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b755e0df7b8d461caf80c75c34d9eee1.png" />Moreover, the cryptocurrency market has been a rollercoaster, especially with the US CPI and PPI data release. Consequently, the FTX liquidation plan has added another layer of volatility. Significantly, Santiment&#39;s observations coincide with this market spike, noting that profit-taking in the Bitcoin market has reached a two-month high in the past 24 hours.Additionally, despite the market&#39;s uncertainty, Bitcoin&#39;s unique address activity continues to grow exponentially. The network has consistently maintained an average of 1.1 million addresses in daily transactions for the past five months. Hence, this suggests that the Bitcoin network remains robust despite fluctuating market conditions.In another development, a Bitfinex <a href="https://blog.bitfinex.com/wp-content/uploads/2023/09/Bitfinex-Alpha-71.pdf" rel="noopener noreferrer nofollow">report</a> revealed that Bitcoin&#39;s open interest has outperformed the entire cryptocurrency market. Furthermore, capital outflows in the crypto market hit a staggering $55 billion in early August, affecting not just Bitcoin but Ethereum and other altcoins. Consequently, stablecoin liquidity has declined as crypto charts flash red signals.Read full article at <a href="https://cryptotale.org/bitcoins-profit-taking-hits-two-month-high-adds-volatility-to-market/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin’s Profit-Taking Hits Two-Month High: Adds Volatility to Market

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