BTC Sentiment Poll for September

[hedgeh0g]

In my opinion, this is a time of uncertainty, and it's better to wait for the weekly candle to close, as we're breaking the previous resistance level at 82.800...
In fact, judging by glassnode's analytics, almost all short-term holders' Bitcoin volume has already crossed the so-called sell line. This is the level above which the risk of profit-taking typically increases, leading to a price halt at a minimum, and a correction at a maximum.
The chart shows that this signal doesn't always trigger (but has been more frequent recently), so it's best considered in conjunction with other indicators.
And now is a great time to claim the profits for those who invested 60k in Bitcoin.


https://x.com/glassnode/status/2102787768606982210

[STT]

BTC is doing well with a higher dollar, despite the pullback its relatively strong.   Lows above 82850, the weekly average is catching up and we'll see if that momentum causes upset and a loss of support in this area. 
  I agree on the weekly closing bar probably being a crescendo for BTC price action.

[Wind_FURY]

I hear a lot of voices that the current spike in stocks, especially Nasdaq (and by extension on Bitcoin) will be short-lived and the optimism is not really justified by the actual macroeconomic situation. I understand the sentiment. Fuel prices are going up like crazy all over the world, and any temporary PR and another portion of "good news" won't change that. Unless we see any concrete actions, the rise in inflation rates is inevitable.

But then again, the market is not always rational. We've been hearing doom scenarios for a long while now, but we are still going up.

Many respected analysts are struggling to make sense of it. Most recently, Benjamin Cowen (Into the Cryptoverse) forfeited his bearish position and admitted he was wrong:
https://x.com/benjamincowen/status/2102007452057079986


I'm not even going to pretend I know what is going on. I guess I'm just going to sit back and enjoy the ride.

Rational or not, the 25 bps increase by the Federal Reserve didn't cause massive panic. But Crude Oil prices are going down, WHICH will be good for helping in a decrease in inflation, WHICH might also suggest that the recent 25 bps rate hike might not be followed by another hike during the next FOMC meeting in October 28 and 29.

Although many pundits believe that there will be another 25 bps rate hike during that meeting.

The stakes are already high and October 28,th / 29 th is still more than 30 days to go. Let's simply enjoy the Bitcoin gains now....  The NEXT Bitcoin All time high is already building up....

Plus those people who actually believe that another 25 bps rate hike would cause Bitcoin to crash might not be considering the FACT that it's already priced in. Plus what they're not considering is if the inflation numbers are better causing the Federal Reserve NOT to do another rate hike, no?

No rate hike is NOT priced in, and THAT will cause a surge to $90,000 if indeed that's the decision.

[LUCKMCFLY]

Source

Taking a short position at this time is really risky. The market can start moving in the opposite direction at any time. In the last 24 hours, the price of Bitcoin has decreased by approximately 2.47%. There is a tendency of liquidation among traders. Many forecasts are working to keep Bitcoin in its current price trend. Because after the bull run of the last few days, the current correction observed means that there has been a lot of liquidation process and those traders will buy more and we will see another bull again within this month.

Yes, it's best to wait for the 24-hour candle to close. However, I wouldn't risk trading right now because, although circumstances suggest it could pull back to a level below $80k, the opposite could happen. Therefore, making such quick decisions isn't advisable.

In the short term, things are different, but I wouldn't trade BTC now either. Volatility is at its peak. As I said before, the volume speaks for itself; you just have to know how to read it. It's not easy. In fact, I've read some books that specialize in reading volume (Wyckoff and some by Livermore), which I highly recommend.