current location: front page Market analysis

Bitcoin falls below $64,000 - professional traders remain cautious

Columns:Market analysis author:btczxw time:2024-08-27 16:36:21
🚀 AI-CrypTo — Intelligent quantitative crypto investment, easy to achieve wealth growth! 💰
  • AI-CrypTo platform provides you with the safest, most stable and most profitable cryptocurrency automatic quantitative trading system! With a minimum deposit of 10 USDT, you can activate your investment account and enjoy stable returns and flexible withdrawals! 💵 Each model has a different rate of return, choose a higher level of investment to earn more! AI quantitative returns range from VIP1 to VIP11, with daily returns as high as 40.9%! The more you invest, the greater the return! 💸
  • 📱Open an account now to receive rewards: https://crypto819.com/#/register?ref=766274
  • ✅Join the AI-CrypTo agent alliance, invite friends, and earn high commissions! Up to **30.2% daily income, and 10% direct referral commission! 💼 Recharge rewards every day, the stronger the team, the richer the rewards!

    Bitcoin fails to sustain weekend rally, trading below $64,000 — Professional traders take neutral position

    image.png

    Despite Bitcoin (BTC) rallying to a 3-week high this weekend, it has failed to elicit a positive reaction from professional traders, indicating that they are cautious about the sustainability of the trend.


    Macroeconomic factors are still considered the main driver of cryptocurrency market behavior, with investors awaiting the Federal Reserve's September interest rate decision.


    Given that the Russell 2000 index is currently trading 2% below its highest closing price in July 2024, it is hard to argue that traders have become more risk-averse. Meanwhile, gold, which is considered a safe haven asset, is currently just 0.6% below its all-time high. In addition, the US 2-year Treasury yield is approaching its lowest level since May 2023, which generally means that buyers are becoming more aggressive and willing to accept lower returns.

    In general, the market is simultaneously seeking protection in assets that are considered safe and maintaining expectations of a positive impact on corporate earnings in the second quarter. This situation tends to be unfavorable for Bitcoin, mainly because most investors still view it as a risky asset. However, it is inappropriate to simplify the correlation between Bitcoin and stocks as highly correlated, as this relationship varies over time and rarely lasts for more than 5 months.


    In addition, the escalation of geopolitical situation in the Middle East has also reduced investors' risk appetite. The missile exchange between Israel and Hezbollah in Lebanon, as well as major sociopolitical disputes in Libya, have affected market sentiment to some extent.


    🚀 AI-CrypTo — Intelligent quantitative crypto investment, easy to achieve wealth growth! 💰
    • AI-CrypTo platform provides you with the safest, most stable and most profitable cryptocurrency automatic quantitative trading system! With a minimum deposit of 10 USDT, you can activate your investment account and enjoy stable returns and flexible withdrawals! 💵
    • Each model has a different rate of return, choose a higher level of investment to earn more! AI quantitative returns range from VIP1 to VIP11, with daily returns as high as 40.9%! The more you invest, the greater the return! 💸
    Official certification platform
    share to:
    read:872Second-rate

    I want to leave a message

      

    Classification