Bitcoin Rally Driven by Derivatives, Lacks On-Chain Support
- Bitcoin’s price has surged past $90,000, sparking optimism in the crypto market.
- The current rally is primarily driven by leverage and derivatives, not organic demand.
- On-chain activity remains low, with the Bitcoin network described as a “ghost town.”
- Bitcoin faces resistance at $95,000, needing stronger spot demand for further gains.
- Global tensions and macroeconomic instability contribute to market volatility.
Despite Bitcoin’s rise above $90K, analyst Maartunn warns that the surge is fueled by derivatives rather than strong on-chain activity. This disconnect raises concerns about the rally’s sustainability amid global economic tensions.
Source (2.6)https://www.newsbtc.com/bitcoin-news/bitcoin-rally-lacks-on-chain-support-analyst-warns-of-vanishing-network-activity/?rand=52377
