The post Bitcoin Market Predicted to Range Bound as Spot Market Buying Slows: September 2024 Update appeared on BitcoinEthereumNews.com.

Global crypto markets have seen significant movement in recent days, demanding a thorough analysis of the current trends and future opportunities. Various developments in DeFi projects and blockchain technology are reshaping market dynamics, compelling investors to reassess their portfolios. A recent report from Bitfinex has highlighted the slowing of Bitcoin spot market purchases, predicting short-term range-bound trading. An insightful analysis of the latest crypto market trends and potential future developments. Current Market Trends and Bitcoin Analysis Bitcoin’s market dynamics have shifted recently as data indicates a decline in spot purchases, suggesting a period of range-bound trading in the short term. According to Bitfinex, the leading crypto exchange’s latest report, Bitcoin (BTC) reached highs around $64,750 but displayed significant volatility. The daily candle formed a “doji” pattern with an upper wick touching $64,750 and a lower wick down to $62,550 before closing near $63,300. Currently, Bitcoin is finding support near the MA7 moving average. If this level fails, the next support can be seen near the MA120 moving average. On the upside, resistance is expected around the MA200 level, and a break above this could push BTC towards $65,000. The MACD indicator shows a decrease in buying volume, pointing to potential ranging behavior in the near term. Impact of DeFi Movements on Market Dynamics DeFi continues to influence overall market sentiment significantly. Notably, Treasure DAO has recently voted to migrate to the ZKsync platform, with plans to launch its mainnet within the next two months. This transition could enhance scalability and efficiency for the project, potentially increasing DeFi activity on the platform. In another development, Polymarket is contemplating a token issuance to raise over $50 million, which highlights the ongoing interest and investment in decentralized prediction markets. Ethereum and Other Major Altcoins Ethereum (ETH) has also seen substantial price movements, recovering…

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Filed under: News - @ September 24, 2024 11:29 am