{"id":228,"date":"2024-09-23T19:18:17","date_gmt":"2024-09-23T19:18:17","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=228"},"modified":"2024-09-23T19:18:17","modified_gmt":"2024-09-23T19:18:17","slug":"bitcoins-22-rally-isnt-enough-it-must-break-august-high-to-overcome-downtrend-bitfinex-analysts-say","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=228","title":{"rendered":"Bitcoin&#8217;s 22% Rally Isn&#8217;t Enough, It Must Break August High To Overcome Downtrend, Bitfinex Analysts Say"},"content":{"rendered":"<div>\n<p><strong>Bitcoin <\/strong>(CRYPTO: <a class=\"ticker\" href=\"https:\/\/www.benzinga.com\/quote\/btc\/usd\">BTC<\/a>) reached <a href=\"https:\/\/www.benzinga.com\/money\/bitcoin-price-prediction\">a new local high<\/a> of $64,200 on Sep. 20, but analysts caution it must surpass the August high of $65,200, a level that has proved challenging since the all-time high of $73,666 in March.<\/p>\n<p><strong>What Happened: <\/strong>Until Bitcoin breaks this crucial resistance, the asset remains in a long-term downtrend, according to Bitfinex analysts.<\/p>\n<p>In a report sent to Benzinga, the analysts highlighted that recent gains have been largely driven by perpetual and futures markets rather than spot market activity, which has notably slowed. <\/p>\n<p>Spot Cumulative Volume Delta\u2014a key indicator of spot buying\u2014has flattened, particularly once Bitcoin\u2019s price moved past $63,500. <\/p>\n<p>This is a potential red flag for those looking for sustained upward momentum.<\/p>\n<p>The Bitfinex team advocates for caution in the near term, stating, &#8230;<\/p>\n<p><a href=\"https:\/\/www.benzinga.com\/markets\/cryptocurrency\/24\/09\/40989892\/bitcoins-22-rally-isnt-enough-it-must-break-august-high-to-overcome-downtrend-bitfinex-ana\" alt=\"Bitcoin's\" rally isn enough it must break august high to overcome downtrend bitfinex analysts say>Full story available on Benzinga.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (CRYPTO: BTC) reached a new local high of $64,200 on Sep. 20, but analysts caution it must surpass the August high of $65,200, a level that has proved challenging since the all-time high of $73,666 in March. What Happened: Until Bitcoin breaks this crucial resistance, the asset remains in a long-term downtrend, according to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-228","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}