Bitcoin (BTC) closed at a two-month high on September 28 and is currently approaching the 66,000 $ level. This move comes after gains in the S&P 500 index, which reached a new all-time high on September 26. However, there are several metrics that suggest Bitcoin is not entering a bull market.

Investors may be skeptical due to previous rejections at $70,000 or fears of a possible recession. This sentiment makes it easier for bears to spread fear, uncertainty, and doubt (FUD) to suppress Bitcoin’s price.

Some analysts argue that central banks’ shift to expansionary monetary policy indicates that economies are at risk. However, this does not necessarily increase the likelihood of a market bubble bursting.

Bitcoin’s scarcity and dominance may be valuable, but it has different dynamics than the traditional stock market. Even if the S&P 500 makes new highs, that does not mean that Bitcoin’s price will benefit.

China’s stablecoin price cut shows bearish trend despite institutional inflows. The USDT premium in China has been below par for the past two weeks, indicating a bearish trend. This metric contradicts the recent appetite for spot ETFs in the US and reinforces the lack of investor demand.

Investor indecision is also evident in the Bitcoin futures market. Data shows that despite the rally to $66,000 on September 29, the Bitcoin futures premium has settled at 6%. These traders may have given the bears the signal they needed by maintaining their neutral stance.

Share your views in the comments!