bullish

2024

Bitcoin

<p><a href="https://coinpedia.org/price-analysis/bitcoin-news-will-btc-price-top-74k-59-agree-on-polymarket/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, the digital gold, has taken a breather after its recent rally. After reaching a multi-week peak of around $66.5k last Friday, BTC's price has faced a cooling off period, dropping over 3% in the past three days. So, what's going on? </p>   
<p>As September comes to a close, Bitcoin has made a significant recovery over the past four weeks, reflecting the ongoing global <a href="https://coinpedia.org/news/bitcoin-hits-61k-as-fed-slashes-interest-rates-by-50-bps-after-four-years/" target="_blank" rel="noreferrer noopener">economic shifts</a>. Following a correction low of about $52.6k earlier this month, Bitcoin's price has rebounded more than 25% in that time.</p>   
<p>Let's dive deeper into what the future holds for the cryptocurrency.</p>   
<h2 class="wp-block-heading" id="h-what-s-putting-pressure-on-the-bitcoin-price">What's Putting Pressure on the Bitcoin Price? </h2>   
<h3 class="wp-block-heading" id="h-crowd-sentiment-nbsp"><strong>Crowd Sentiment&nbsp;</strong></h3>   
<p>Despite the decreasing fear of further crypto capitulation over the past three weeks, on-chain data indicates that whale investors, particularly those associated with <a href="https://coinpedia.org/news/bitcoin-etf-inflows-surpass-1-billion-as-blackrock-leads-the-charge/" target="_blank" rel="noreferrer noopener">U.S. spot Bitcoin ETFs</a>, have ramped up their accumulation efforts. Recent market data reveals that U.S. spot Bitcoin ETFs have seen over $1.9 billion in cash flows during this period.</p>   
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<p>Consequently, Bitcoin's price has rallied alongside the gold market, spurring investors' appetite for long positions. However, market analysis from Santiment suggests that the market often reacts contrary to the crowd’s expectations.</p>   
<h3 class="wp-block-heading" id="h-upcoming-market-events-and-volatility"><strong>Upcoming Market Events and Volatility</strong></h3>   
<p>As the end of September approaches, traders are bracing for the $8 billion Bitcoin options expiration over the weekend. Historically, Bitcoin's price tends to experience increased volatility during such significant liquidity events in the options market.</p>   
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<p>Additionally, on-chain data from CryptoQuant reveals that Bitcoin’s Open Interest market has surged to over $19 billion. Historical trends show that Bitcoin's price has declined whenever the Open Interest market spikes above $18 billion.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis-what-s-next">Bitcoin Price Analysis - What's Next? </h2>   
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<p>As the global liquidity gradually increases, Bitcoin price is expected to gradually rise in tandem. Furthermore, the <a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;t=91s&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D" target="_blank" rel="noreferrer noopener">upcoming US 2024 general election</a> is expected to be a bullish trigger as it has been in the past.</p>   
<p>However, the notable surge of altcoins—led by Ripple’s XRP—may signal the onset of a significant altseason, potentially reversing Bitcoin's weekly dominance in the market.</p>   [post_titles_links postid="357284"]   
<p><strong>Will Bitcoin's dominance continue, or will altcoins steal the show? Share your insights.</strong></p>

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