đšđš3 Signs Bitcoin Price Isn't Ready for a New All-Time Highđšđš
Despite Bitcoinâs recent surge toward $66,000, there are clear indicators suggesting itâs not quite prepared to break past its previous all-time high. Here are three key factors holding BTC back:
1. Weak Retail Investor Participation: While Bitcoin has rallied 21% in three weeks, the lack of retail interest is evident. For instance, Coinbaseâs mobile app ranks only 385th on app charts, showing that casual investors arenât rushing in despite the price climb.
2. Bearish Sentiment in China: Data from Chinese stablecoin markets shows USDT trading at a discount, signaling a bearish outlook. Typically, stablecoins trade at a premium in bullish markets, but this discount suggests that demand for crypto is low in China.
3. Skepticism in Derivatives Markets: Fear of past rejections at the $70,000 level and concerns about a potential economic recession have caused skepticism among investors. This makes it easier for bears to spread fear, uncertainty, and doubt (FUD), suppressing Bitcoinâs price action despite the stock market's strength.
While institutional flows have helped drive Bitcoinâs recent price movement, these factors suggest that BTC may not yet be ready for a new all-time high.
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