Plunge

bullish

Rally

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] begins the week with a bearish tone, suggesting a potential retracement.</li> 
 <li>Despite this, Bitcoin is still on track to end September with significant gains.</li> 
</ul> 
Bitcoin [BTC] has started the week on a bearish note after a period of bullish weakness over the weekend. 
The cryptocurrency has seen a steady rally over the past three weeks but may be on the brink of a retracement. 
<h2 id="bitcoin-s-rally-and-potential-retracement">Bitcoin’s Rally and Potential Retracement</h2> 
The Bitcoin rally was consistent with a resurgence of strong bullish sentiment this month, with crowd sentiment notably shifting from fear to greed in a matter of weeks. 
However, this sentiment was also mirrored in smart money sentiment, which has a greater influence over directional changes. 
BTC’s smart money sentiment has recently shifted back towards fear, aligning with the resurgence of sell pressure this week. 
Despite this, crowd sentiment remains on the side of greed. 
<h2 id="large-holder-flows-and-sell-pressure">Large Holder Flows and Sell Pressure</h2> 
An examination of large holder flows has shown a decrease in Bitcoin address inflows in the last 10 days, with a net gain in large holder outflows during the same period. 
Large holder inflows dropped to 101.15 BTC during Sunday’s trading session, while large holder outflows were higher at 360 BTC. 
This suggests that large addresses had net outflows, indicating a shift from bullish to bearish momentum. 
There was also a significant increase in sell volume in the last 24 hours, although not as much as what was observed on Friday. 
Bitcoin is set to close September in the green despite the resurgence of sell pressure. 
BTC traded at $64,073 at press time, an 8.67% increase from its September opening price. 
The cryptocurrency achieved a 26.64% gain from its lowest price to its highest price in the last four weeks. 
BTC’s latest pullback has not yet shown strong sell pressure. 
However, the market is still subject to change, particularly in the event of a major FUD event. 
If a massive surge in sell pressure occurs, Bitcoin may find its next support level between $57,955 and $59,589. 
Conversely, if Bitcoin begins September on a bullish note, a bullish flag breakout could occur, further validating its recovery and potential push into price discovery.

Is ‘Smart Money’ Behind Bitcoin’s Plunge Below $65k?

Table of Contents

CoinEagle.com

Other articles published on Sep 30, 2024

South Korea’s National Pension Service Clarifies Crypto-Related Stock Investments Linked to Index...

Qubetics Unveils QubeQode IDE, Securing the Future of Decentralised Applications Against Generati...

Coinbase to add proof of reserves to Bitcoin wrapper cbBTC

Vitalik Buterin Continues Selling Ethereum While Market Reacts

Lumoz: Leading ZK-PoW Algorithm, ZK Computation Efficiency Improved by 50%

Hamster Kombat Token Crashes 39%: What Happened to HMSTR?

Join our free newsletter for daily crypto updates!