CandleFocus Bitcoin faces near-term uncertainty despite strong September gains
2024-09-30
Author: Content Editor
Bitcoin's recent rally has faced obstacles due to bearish signals in China and low retail participation. Stablecoin data in China suggests a slowdown and bearish sentiment, while global interest in cryptocurrency remains muted. Despite a buying spree in Chinese equities, Bitcoin's price struggles to align with broader market optimism. Retail investor participation is also subdued, as evidenced by low activity on the Coinbase app. On-chain data shows that supply from short-term holders is declining, indicating that retail investors are not yet joining the rally. Additionally, Bitcoin's price dropped due to geopolitical tensions and uncertainty surrounding key economic updates in the US. However, Bitcoin is still set to close September with a 7% gain, historically making October a strong month for the cryptocurrency.
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