3 Reasons Bitcoin Price Rally Is At Risk – Details

Quick Summary:

The combination of both factors reflects the absence of a significant buying interest in Bitcoin despite the present rally.  Another point of concern raised by Wenry states the current Bitcoin price gain is caused by a rise in derivatives trading due to macroeconomic factors such as the reduction of interest rates.

Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Here’s Why Why Bitcoin’s Rally Is In Danger In a Quicktake post on CryptoQuant, an analyst with username Wenry outlined several reasons Bitcoin may not sustain its current upward trend.

Related Reading: Analyst Backs Bitcoin Hitting $290,000 In Bull Run – Here’s Why Bitcoin To Break All-Time High In Q4?   On another front, popular analyst Michaël van de Poppe has backed Bitcoin to surpass its all-time high price of $73,750 in the last quarter of 2024, following a similar trajectory with gold.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Taker Volume Btcusd Retail investors BTCUSDT Bitcoin rally Open interest Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-29 @ 10:30:03 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 421 words

Reading Time: 3 minutes read

Sentences: 59 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 22771155

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 6 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 9 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #102

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