|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Surges 11% Since Tuesday, But Key Data Reveals Reduced Market Activity
Sep 21, 2024 at 04:30 am
Bitcoin has surged 11% since Tuesday following the Federal Reserve's announcement of a 50 bps interest rate cut. This significant price movement pushed BTC
Bitcoin price showed minimal profit-taking or loss-cutting in the current price range, indicating equilibrium.
After surging 11% since Tuesday, Bitcoin price faced a crucial test at a key resistance level. However, data from Glassnode revealed that both capital inflows and outflows remained relatively small despite the recent rally.
This indicated reduced market activity, leaving investors to wonder whether the market was setting up for a pullback or preparing for a breakout.
Bitcoin price minimal profit and loss-taking
Following the Federal Reserve’s announcement of a 50 basis point interest rate cut, Bitcoin price surged past the $62,000 mark on Thursday, showing a crucial level of resilience in the market.
However, as investors hoped for a grand re-entry into bull territory, critical on-chain metrics told a different story. Data from Glassnode showed that both Bitcoin capital inflows and outflows remained relatively small throughout the recent rally.
This indicated reduced market activity, leaving investors to wonder whether the market was setting up for a pullback or preparing for a breakout.
Typically, high capital inflows into the market at lower prices and subsequent outflows at higher prices indicate traders’ attempts to buy the dip and sell the rally.
However, the absence of significant outflows despite the recent rally suggested that investors were either hesitant to cut their losses or realize their profits. This could be a sign of investors’ anticipation of further price increases.
On the other hand, minimal outflows could also indicate a lack of strong demand at higher prices, which might lead to a slowdown or reversal in price momentum if new buyers fail to enter the market.
As a result, the next few days will be crucial in determining whether the market will continue to surge or face a pullback due to limited liquidity. Investors are closely monitoring the situation to gauge whether this equilibrium will break in favor of further growth or stagnation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Dogecoin (DOGE) Price Surges as On-Chain Activity Revives, Signaling Potential Bullish Resurgence
- Sep 21, 2024 at 08:20 am
- Recently, on-chain activity for Dogecoin has surged, indicating a growing positivity among investors towards the well-known dog-themed meme coin.
-
- #DOGEGOV: The Meme That's Reshaping Crypto Culture
- Sep 21, 2024 at 08:20 am
- In the fast-moving world of cryptocurrency, memes have played a vital role in shaping both communities and culture.
-
- BlockDAG Emerges as the Top Crypto to Buy Right Now, Poised to Deliver up to 30,000x ROI to Early Holders
- Sep 21, 2024 at 08:20 am
- BlockDAG is emerging as a real game-changer with almost $73.5 million raised in its presale. The project has raised the bar higher by launching
-
- BlockDAG Testnet Launches – 30,000x ROI Potential Soars
- Sep 21, 2024 at 08:20 am
- BlockDAG's much-anticipated testnet is set to go live on September 20, marking a critical milestone for developers and early adopters.
-
- BlockDAG: The Best Long-Term Crypto Miners Are Flocking To
- Sep 21, 2024 at 08:20 am
- As crypto markets continue to experience wild swings, Ethereum's climb towards $2,600 has reignited interest among investors hoping to catch the next big wave.
-
- Last Call to Claim $RBW Airdrop!
- Sep 21, 2024 at 08:15 am
- Everything you need to know about Rainbow Token Airdrop
-
- BingX Hack: Exchange Hot Wallets Lost Almost $43 Million on Friday, Due to Hacker Activity
- Sep 21, 2024 at 08:15 am
- One of the biggest crypto attacks this year, this event raises doubts about centralized exchange security policies.
-
- Popcat Crypto Rising in a Pattern
- Sep 21, 2024 at 08:15 am
- CryptoxLawyer.eth (@Cryptox_Lawyer) tweeted that the POPCAT price is rising in a pullback format. Recently, the price pulled back and extended near the ATH.
-
- OpenSea Sued for Misleading Investors, SEC’s NFT Stance Sparks Regulatory Concerns
- Sep 21, 2024 at 08:15 am
- OpenSea, one of the leading Non-Fungible Token (NFT) marketplaces, has been hit with a class action lawsuit. The lawsuit alleges that it engaged in