Bitcoin’s weekend rally fizzles under $64K — Pro traders take neutral positions
Professional Bitcoin traders have yet to hop on the wagon after BTC’s weekend rally. Cointelegraph explains why.
Bitcoin (BTC) gained 6.2% on Aug. 23, pushing its price to levels unseen in three weeks, and has since maintained the $63,000 support level. Despite this positive price movement, BTC derivatives traders appear to be relatively unmoved, indicating a lingering skepticism regarding the sustainability of this trend.
Some market participants attributed the ongoing macroeconomic factors as the primary drivers for the crypto market’s behavior, with investors eagerly awaiting the United States Federal Reserve’s decision on interest rates in September.
Given that the Russell 2000 small-cap stock index is currently trading 2% below its highest-ever closing in July 2024, it’s challenging to argue that traders have become risk-averse. At the same time, gold, a traditional safe-haven asset that generally benefits during periods of uncertainty, is merely 0.6% below its all-time high.
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Author: Marcel Pechman
