Bitcoin's recent rally faces obstacles with bearish signals in China and low retail participation, despite a 7% gain in September.
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Markets
Celestia, Sui, and Aptos set for $1.3 billion token unlock next month
The upcoming $1.3 billion token unlock could significantly impact market dynamics, potentially increasing selling pressure and volatility.
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3 signs that Bitcoin price is not ready to make a new all-time high
China-focused stablecoin data, retail investor participation and skeptical BTC derivatives markets are all signs that Bitcoin price is not primed for a new all-time high.
Bitcoin (BTC) closed at its highest level in two months on Sept. 28 and is currently approaching the $66,000 mark. This movement followed gains in the S&P 500 index, which reached an all-time high on Sept. 26, fueled by robust economic indicators and measures aimed at boosting markets and investor confidence in China. However, several metrics indicate that Bitcoin is far from entering a bull market.
Bitcoin/USD (right) vs. S&P 500 futures (left). Source: TradingView
Investors could be skeptical due to previous rejections at $70,000 or fearing that a potential recession is underway, which would negatively impact risk-on markets, including cryptocurrencies.
Bullish trading pattern on BNB/USD looks ready to explode, but what about the BNB/BTC pair?
BNB is way below its all-time high when charted against Bitcoin, but that could soon change.
BNB has been in focus recently as Binance founder and former CEO Changpeng “CZ” Zhao walked out of a United States federal prison on Sept. 27 after serving a four-month stint for Anti-Money Laundering violations.
While some believe that CZ’s release could trigger a rally in BNB (BNB), others expect the performance to mirror that of the broader altcoin market.
BNB, similar to Bitcoin (BTC), has been stuck inside a large range for several months, indicating indecision between the bulls and the bears.
Bitcoin’s strong monthly close could spark a rally in XRP, TAO, RUNE and SEI
Bitcoin is en route to locking in a historic monthly performance, which could set a bullish path for XRP, TAO, RUNE, and SEI.
Bitcoin (BTC) has failed to run up following the breakout above $65,000, but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are holding on to their positions as they expect the up move to extend further.
The United States-based spot Bitcoin exchange-traded funds witnessed inflows of $1.1 billion last week, the largest weekly flows since July 15-19. This shows that the sentiment has turned positive. The rally pushed the Crypto Fear & Greed Index into the greed territory at 63 on Sept. 29.
Crypto market data daily view. Source: Coin360
Ethereum underperforms Bitcoin, but is the ETH/BTC pair ripe for a turnaround?
Ether has been underperforming Bitcoin for several months, but that may be about to end.
Ether (ETH) has been underperforming Bitcoin (BTC) by a considerable margin. The second biggest cryptocurrency by market capitalization hit a three-and-a-half-year low against Bitcoin on Sept. 18, last seen in 2021. The big question is whether the low offers a buying opportunity or will Ether continue to underperform.
Bitcoin has been stuck in a sideways price action for several months, but select analysts expect the price to break out of the range and hit a new all-time high in the fourth quarter of this year.
However, analysts do not expect the same from Ether, which is way below its lifetime high. Polymarket, the world’s largest prediction market, shows 85% odds that Ether will not hit a new all-time high in 2024.
Bitcoin and BNB see gains up to 3% as CZ makes first tweet post-release
CZ's return to social media boosts market confidence, highlighting the significant influence of key figures on cryptocurrency sentiment and prices.
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Crypto market will skyrocket as soon as CZ announces his return, says CryptoQuant CEO
The anticipated return of CZ could trigger significant market volatility and influence investor sentiment, particularly in altcoins and BNB.
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Grayscale lists SUI, TAO, OP, CELO among top “high potential” tokens for Q4 2024
Grayscale's updated list signals a strategic shift towards decentralized AI and high-performance infrastructure, highlighting evolving market trends.
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Bitcoin rallied above $65K, but will BTC price hold this level?
Bitcoin price is back above a key resistance level, but are there sufficient bullish catalysts to sustain the current rally?
Bitcoin’s price dropped to $62,705 in the early hours of Sept. 26, causing bulls to temporarily lose hope after the third rejection at the $64,000 resistance level in just four days. However, the tide shifted as the United States stock market opened, propelling the S&P 500 index to a new all-time high. Bitcoin (BTC) soon followed, gaining over 3% to reclaim the $65,000 level.
S&P 500 futures (magenta) vs. Bitcoin/USD (blue). Source: TradingView
Some market analysts believe that Bitcoin’s path to $70,000 has been reinforced by macroeconomic trends, including lowered interest rates in the US and renewed interest from long-term institutional investors. Essentially, fears of a stock market bubble have been fading after signs of robust economic growth paired with US housing prices reaching an all-time high.