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⚡Bitcoin Rebounds After Dipping Below $59K💎

Croxroad

11 Oct 2024 — 4 min read

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⛹️ Bitcoin Dips and Bounces

Bitcoin’s price dipped to $58,867 on Thursday around 2 p.m. Eastern Time, following a heavy sell-off, but by 8:50 p.m., it had climbed back above $60,000. The drop was driven by significant selling pressure, though the gradual rebound suggests a potential recovery. Trading volume spiked during the sell-off, then slowly declined as the price stabilised, reflecting either reduced market activity or cautious buying. Despite the market's volatility, indicators like the moving average convergence divergence (MACD) hint at some upward momentum, though traders remain cautious.

According to Coinglass, around $191 million in liquidations were recorded across the crypto market on October 10, affecting nearly 57,743 traders. The largest single liquidation was a $10.51 million loss on Binance, further highlighting the market’s unpredictability. Long positions bore the brunt of the sell-off, with $148 million in losses tied to Bitcoin derivatives. South Korea’s Bitcoin premium stood at 1.23% by the evening, and data from CryptoQuant showed Coinbase’s Premium Gap at negative $46.86, indicating higher selling pressure from U.S. traders.

Bitcoin’s market value was $1.19 trillion out of the total $2.11 trillion crypto market, maintaining a dominant 56% share. The crypto fear and greed index reflected a “fear” score of 37, signalling cautious sentiment among traders. As Bitcoin hovers around the $60,000 mark, it faces a delicate balance between cautious optimism and ongoing market uncertainty, with traders watching closely for signs of a more sustainable recovery.

🪘 Bitcoin Whales Trigger Sell-Off

Over the past three days, large Bitcoin holders, known as whales, have sold or redistributed around 30,000 BTC, worth over $1.8 billion. This data, provided by on-chain analytics firm Santiment and shared by cryptocurrency analyst Ali Martinez, comes during a broader market downturn. Bitcoin's price has dropped from nearly $64,000 to around $60,700, while the overall cryptocurrency market has shed nearly $100 billion in value. The whale sell-off coincides with a broader exit of short-term Bitcoin holders, contributing to the selling pressure that has driven the price lower.

According to CryptoQuant analyst IT Tech, the supply of Bitcoin held by short-term holders has been steadily declining, particularly after significant sell-offs. This trend of short-term holders exiting the market helps reduce immediate selling pressure, allowing opportunities for accumulation. It also signals the possibility of a price floor, where the market stabilises. As these coins shift from weaker hands to stronger, long-term holders, the market may see more stability, even amid volatile price swings.

Interestingly, new Bitcoin whales have been aggressively adding to their holdings, as the current accumulation trend has reached levels rarely seen before. These whales, entering during the latest bull run, are still actively seeking profit despite the recent market turbulence, which suggests a longer-term bullish outlook among large holders. This accumulation activity could offer further support to the market, especially as short-term sellers fade.

🤐 Censorship Resistance

Bitcoin transactions are decentralised and permissionless, meaning no government or financial institution can censor or block them. This is particularly beneficial in regions with strict financial regulations or capital controls.

🤣 Crox Road Memes

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