{"id":116518,"date":"2024-10-21T01:32:49","date_gmt":"2024-10-20T18:32:49","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=116518"},"modified":"2024-10-21T01:32:49","modified_gmt":"2024-10-20T18:32:49","slug":"analyst-issues-bitcoin-warning-says-nothing-wrong-with-being-cautious-amid-strange-week-for-btc","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=116518","title":{"rendered":"Analyst Issues Bitcoin Warning, Says Nothing Wrong With Being Cautious Amid \u2018Strange\u2019 Week for BTC"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>A closely followed crypto analyst is warning that Bitcoin (<a href=\"https:\/\/dailyhodl.com\/currencies\/bitcoin\/\" rel=\"noopener\" target=\"_blank\">BTC<\/a>) is not cleared for takeoff despite rallying above $68,000.<\/p>\n<p>Crypto strategist Justin Bennett tells his 133,400 followers on the social media platform X that Bitcoin is flashing mixed signals as BTC threatens to surge to new all-time highs.<\/p>\n<p>While BTC\u2019s price is rising, Bennett <a href=\"https:\/\/x.com\/JustinBennettFX\/status\/1847361167741899204\" rel=\"noopener\" target=\"_blank\">warns<\/a> that the rally may not be sustainable as it is being fueled by speculators amid weak spot market volume.<\/p>\n<p><em>\u201cPeople are celebrating a Bitcoin breakout from a seven-month range on a Friday (low volume) before the day or week has even closed, within a rally that is largely perpetual futures-driven and OI (open interest) that is back at its late July peak.<\/em><\/p>\n<p><em>I\u2019m not going to make any bold predictions because the data is conflicting at the moment, but if you\u2019re a trader, there\u2019s absolutely nothing wrong with being cautious here.<\/em><em>\u201d\u00a0<\/em><\/p>\n<p>Open interest is a metric that tracks the total number of outstanding derivatives contracts for a given asset. A spiking OI puts a bullish asset in a position to witness a leverage flush where overleveraged traders are wiped out, leading to a deeper corrective move.<\/p>\n<p>According to Bennett, BTC bulls must hold $68,200 to avoid a potential correction.<\/p>\n<p><em>\u201cIt\u2019s been a strange week, to be honest.<\/em><\/p>\n<p><em>On the one hand, whales are holding steady compared to retail.<\/em><\/p>\n<p><em>On the other hand, spot traders haven\u2019t participated much since Monday. It\u2019s been primarily a perp-driven rally, which isn\u2019t usually healthy.<\/em><\/p>\n<p><em>We\u2019ll see how all of this pans out, but how BTC reacts to $68,200 is the more immediate focus rather than the conflicting data.\u201d\u00a0<\/em><\/p>\n<figure style=\"width: 1596px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GaMFlIyWMAApmWQ?format=png&amp;name=large\" alt=\"Image\" width=\"1596\" height=\"785\"\/><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/JustinBennettFX\/status\/1847327096919461920\" rel=\"noopener\" target=\"_blank\">Justin Bennett\/X<\/a><\/figcaption><\/figure>\n<p>At time of writing, Bitcoin is trading for $68,241.<\/p>\n<p>Looking at <a href=\"https:\/\/dailyhodl.com\/currencies\/tether\/\" rel=\"noopener\" target=\"_blank\">USDT<\/a> dominance (USDT.D), Bennett notes that the chart recently broke below two support levels. USDT.D tracks how much of the crypto market cap belongs to the top stablecoin USDT. A bearish USDT.D chart is traditionally interpreted as bullish for Bitcoin and altcoins as it suggests that traders are using their stablecoins to accumulate crypto assets.<\/p>\n<p>Says Bennett,<\/p>\n<p><em>\u201cTether dominance, which moves inversely to Bitcoin, is tracking nicely.<\/em><\/p>\n<p><em>Currently just below a confluence of support at 5.26%.<\/em><\/p>\n<p><em>A sustained break below would open up recent lows and potentially the 2018 trend line.<\/em><\/p>\n<p><em>That could equal a 20% rally from BTC, give or take.\u201d\u00a0<\/em><\/p>\n<figure style=\"width: 1549px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GaMXdqsWAAAuYhb?format=jpg&amp;name=large\" alt=\"Image\" width=\"1549\" height=\"777\"\/><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/JustinBennettFX\/status\/1847348100119024061\" rel=\"noopener\" target=\"_blank\">Justin Bennett\/X<\/a><\/figcaption><\/figure>\n<p>At time of writing, USDT.D is hovering at 5.24%, still below the trader\u2019s support areas.<\/p>\n<p><em><span style=\"font-size: 13pt;\">Don&#8217;t Miss a Beat \u2013 <a href=\"https:\/\/dailyhodl.com\/join-the-daily-hodl-email-list\/\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em><br \/>\n<br \/><em><span style=\"font-size: 13pt;\">Check <a href=\"https:\/\/dailyhodl.com\/crypto-markets\/\" target=\"_blank\" rel=\"noopener\">Price Action<\/a><\/span><\/em><br \/>\n<br \/><em><span style=\"font-size: 13pt;\">Follow us on <a href=\"https:\/\/twitter.com\/TheDailyHodl\" target=\"_blank\" rel=\"noopener\">X<\/a>, <a href=\"https:\/\/www.facebook.com\/thedailyhodl\/\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> and <a href=\"https:\/\/t.me\/thedailyhodl\" target=\"_blank\" rel=\"noopener\">Telegram<\/a><\/span><\/em><br \/>\n<br \/><em><span style=\"font-size: 13pt;\">Surf <a href=\"https:\/\/dailyhodl.com\/daily-hodl-mix\">The Daily Hodl Mix<\/a><\/span><\/em><br \/>\n<\/p>\n<div class=\"hideinamp\">\n<p>&amp;nbsp<br \/>\n<center><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2018\/06\/Get-Alerts-728x90.png\" width=\"800\" height=\"99\"\/><\/center><\/p>\n<h6>Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<p><em><span style=\"font-size: 10pt;\">Generated Image: DALLE3<\/span><\/em><\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/dailyhodl.com\/2024\/10\/20\/analyst-issues-bitcoin-warning-says-nothing-wrong-with-being-cautious-amid-strange-week-for-btc\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A closely followed crypto analyst is warning that Bitcoin (BTC) is not cleared for takeoff despite rallying above $68,000. Crypto strategist Justin Bennett tells his 133,400 followers on the social &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=116518\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-116518","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116518"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116518\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}