The post Analyst Discusses Bitcoin’s Market Hurdles appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) was priced at $58,300 at the time of writing, having fallen to $57,128 within the last 24 hours. The cryptocurrency market has experienced a rough start to September, continuing a trend of negativity that has persisted for months. Trading volumes are also notably low, which has made altcoins less appealing to investors. So, what insights do popular cryptocurrency analysts offer regarding current market conditions? Analyst’s Market Observations The Flow Horse, a well-known analyst, highlights the primary issue plaguing the cryptocurrency market: lack of volume. Many cryptocurrencies are experiencing decreased on-chain volumes. For example, the Solana network’s volume is now comparable to periods when its spot price was $12. Access NEWSLINKER to get the latest technology news. The analyst believes that without an increase in BTC momentum, the desired activity in cryptocurrencies will remain elusive. When Will Cryptocurrencies Rise? Some analysts draw parallels to the market conditions of 2020, noting that the lack of enthusiasm despite interest rate cuts supports this view. The Flow Horse notes that investors are holding onto stablecoins, and suggests that this stagnant period will persist unless these funds flow into BTC and altcoins. The analyst also points out that the BTC price will likely continue to trade within a narrow range unless we see a significant shift. The recent selling wave at $65,000 underscores the activity of short-term investors in the liquidity book, causing BTC to struggle moving past $63,000. Concrete Insights for Investors Takeaways for Investors: Monitor BTC momentum as it is crucial for broader market activity. Expect continued low volumes in altcoins unless there is a significant shift. The ETF demand is not currently sufficient to support spot prices. Short-term investors are actively influencing BTC’s price movements. These points offer concrete steps for investors to navigate the current market environment. In conclusion,…

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Filed under: News - @ September 2, 2024 9:21 pm