Recognize 3 Signals that Bitcoin Failed to Break the Highest Price Record

Bittime - Bitcoin (BTC) has recently experienced a significant price increase, reaching a two-month high on September 28, nearing the $66,000 mark. Despite the optimism regarding this price movement, there are several signals that suggest Bitcoin may not be ready to reach a new record high price.

Skepticism Among Investors

One of the main factors influencing Bitcoin's current performance is skepticism among investors. Many still remember Bitcoin's previous rejection of the $70,000 level, which caused uncertainty and concerns about a possible recession. 

This uncertainty makes it easier for bears to create fear, uncertainty, and doubt (FUD) that can suppress Bitcoin prices. Even though the stock market is showing positive momentum, there is no guarantee that Bitcoin will follow the same trend.

China Stablecoin Market Data

Additionally, data from the China-focused stablecoin market shows a bearish trend that runs counter to institutional inflow into the Bitcoin market. High demand for stablecoins usually causes them to trade at a premium, but currently, China's USD Tether (USDT) premium remains below parity. 

This indicates bearish sentiment among investors, which conflicts with interest in spot ETFs in the US. This data further strengthens the argument that investor demand for Bitcoin is still weak.

Lack of Confidence in the Futures Market

A lack of confidence is also visible in the Bitcoin futures market. Even though the price of Bitcoin is approaching $66,000, the premium for futures contracts is stable at 6%, which shows that traders are still maintaining a neutral stance. 

These contracts typically trade at an annual premium of between 5% to 10% in neutral markets. This neutral attitude indicates that large traders and institutions are showing uncertainty, even though there is a potential for price increases.

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Conclusion About Bitcoin's Potential

Although Bitcoin is showing some positive signs, these three signals suggest that Bitcoin price may not be ready to break its record high just yet. Investor skepticism, bearish indicators from China's stablecoin market, and a lack of confidence in the derivatives market are all important factors for traders and investors to consider. 

Therefore, it is important for market players to remain vigilant and analyze underlying conditions before making investment decisions.

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