By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoXTimesCryptoXTimes
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Notification Show More
Font ResizerAa
CryptoXTimesCryptoXTimes
Font ResizerAa
  • Home
  • News
  • Cryptocurrency
  • Advertise
  • Contact Us
Search
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Have an existing account? Sign In
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
CryptoXTimes > Article > News > Bitcoin Rally May Not Signal Trend Reversal
NewsBitcoin News

Bitcoin Rally May Not Signal Trend Reversal

Bitcoin rally questioned as on-chain data declines.

Nayab Fatima
Last updated: September 15, 2024 4:48 pm
Nayab Fatima 9 months ago
Share
Bitcoin Rally May Not Signal Trend Reversal

Friday, September 13 saw a late rally in Bitcoin (BTC), which closed the week in a good note. This event has spurred debates on a possible comeback following a difficult beginning to the month. 

New on-chain data, however, points to a possible lack of a real trend reversal in this price comeback. In a post on the X platform, crypto analyst Ali Martinez highlighted a crucial statistic: Santiment’s transaction volume measure, which records the overall quantity of cryptocurrency exchanged over a certain period. 

Bitcoin Whales Profit From Surge

Rising transaction volumes historically correspond with price uptrends; dropping volumes point to a market downturn. Bitcoin’s transaction volume is dropping right now, suggesting that the market lacks the activity usually seen in long-lasting recoveries even with the recent price increase. 

This implies Bitcoin might keep consolidating or maybe see more falls. The caution results from BTC historically negative September performance, which many investors find cause for caution. Furthermore, on-chain data reveals certain significant investors—also known as “whales”—have profite on recent advances. 

Following the price surge beyond $60,000, BTC whales realized approximately $50 million in earnings, claims Martinez. Given that significant sell-offs usually cause price declines, this degree of profit-taking could cause BTC to be pressured down.

As investors wait for clearer market signals, Bitcoin’s price is currently rather constant, hovering around the $60,000 mark without appreciable change.

You Might Also Like

PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy

Telegram Integrates Elon Musk’s Grok AI in $300M Deal

Berachain Transactions Tumble, Fee Revenues Cut In Half

Trump Media Launches $2.5B Crypto Investment Strategy

$BONK Surges 4% as Breakout Above $0.000021 Nears

TAGGED: Bitcoin, BTC, Cryptocurrencies
Previous Article Battle Bulls Airdrop Unlocks a New Era of Blockchain Gaming Battle Bulls Airdrop Unlocks a New Era of Blockchain Gaming
Next Article Bitcoin Drops Below $63K, Faces Short-Term Pressure Bitcoin Nears Key $60K Breakout Zone
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
TwitterFollow
TelegramFollow
LinkedInFollow

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
Iceland PM Shifts Energy from Bitcoin to Agriculture
Iceland PM Shifts Energy from Bitcoin to Agriculture
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch

You Might Also Like

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz
Altcoin NewsNews

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz

By Muhammad Ali 4 weeks ago
MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension
CryptoNews

MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension

By Haider Ali 1 month ago
XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments
NewsCrypto

XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments

By Nayab Fatima 4 months ago
Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets
NewsCrypto

Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets

By Rubab Fatima 4 months ago
CryptoXTimesCryptoXTimes
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
  • About Us
  • Careers
  • Privacy Policy
  • Risk Disclaimer
Welcome Back!

Sign in to your account

Lost your password?