CandleFocus Bitcoin rebounds from $54,000 support. Is it out of the woods yet?
2024-09-09
Author: Content Editor
Bitcoin has experienced a slight recovery in price after bouncing off key support at $54,000 over the weekend. However, this recovery may be short-lived as on-chain data suggests a bearish sentiment in the market. Daily active addresses for Bitcoin have been decreasing, indicating a decline in demand for BTC's blockchain usage. The negative OI-weighted funding rate further supports the potential downward pressure on Bitcoin's price. On the other hand, there are signs of accumulation from whales as the Coinbase Premium Index and investor interest in Coinbase have seen a slight increase. Bitcoin's price will need to break above the $56,022 resistance to invalidate the bearish thesis and potentially extend the positive move.
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