Journalist
Posted:
- Bitcoin struggled below $60,000 as critics highlighted its recent underperformance.
- Despite bearish signals, 79% of Bitcoin holders were in the money, indicating possible bullishness.
The month of September sees Bitcoin [BTC] struggling to cross the $60,000 mark.
According to CoinMarketCapAlthough BTC showed a slight daily increase of 0.51%, its weekly performance was disappointing, with a significant decline of 8.65%, dropping its trading price to $58,401.
Peter Schiff has a warning
Amid this battle, a longtime Bitcoin skeptic Peter Schiff turned to X (formerly Twitter) to highlight the cryptocurrency’s lackluster performance, highlighting ongoing concerns about the market’s trajectory.
“We are now eight months into 2024 and all of Bitcoin’s gains for the year occurred in the first two months.”
He also added:
“Since the end of February, despite the launch of 11 Bitcoin ETFs, Bitcoin is down 8%. In the same six months, the price of #gold has increased by 23%. The momentum has turned.”
Bitcoin gives mixed signals
In response to this criticism, AMBCrypto analyzed TradingView data and found that the Relative Strength Index (RSI) has fallen below the neutral level and stands at 44.
This suggested that bullish momentum is faltering. Additionally, the MACD line (blue) was positioned below the signal line (orange), reinforcing the idea that bearish forces are currently outpacing the bulls.
Source: trading view
However, despite recent criticism and technical indicators pointing to bearish pressure, IntoTheBlock data offered a more optimistic outlook for Bitcoin.
The data showed that a significant 79.00% of Bitcoin holders were in the money at the time of writing, meaning their tokens were valued above their purchase price.
In contrast, only 16.28% of holders were “out of the money,” with their BTC valued below their purchase price.
Source: IntoTheBlock
This disparity indicated high potential for BTC to experience a bullish shift in the near future.
The crypto community remains bullish on Bitcoin
Confirming the sentiment and drawing a parallel with BTC, X user’s previous patterns Elja said,
“Similar fractal, different time frame. Elites are playing the same game again.”
Source: Elja/X
However, it was Sensei who put it best when he said:
Source: Sensei/X