Bitcoin experienced a 5% increase after testing the $25,000 support level on Sept. 11. However, this breakout rally doesn’t necessarily indicate a victory for bulls. To put today’s price action in perspective, Bitcoin (BTC) has witnessed a 15% decline since July. In contrast, the S&P 500 index and gold have maintained relatively stable positions during this period.
This underperformance demonstrates that Bitcoin has struggled to gain momentum, despite significant catalysts such as MicroStrategy’s plan to acquire an additional $750 million worth of BTC and the multiple requests for Bitcoin spot exchange-traded funds (ETFs) from trillion-dollar asset management firms. Still, according to Bitcoin derivatives, bulls are confident that $25,000 marked a bottom and opened room for further price gains.
