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Hyperliquid Hyperliquid (HYPE) $44.20 ↓ -1.77%
Sui Sui (SUI) $3.80 ↓ -8.74%
Stellar Stellar (XLM) $0.42 ↓ -3.16%
Chainlink Chainlink (LINK) $17.87 ↓ -4.71%
Hedera Hedera (HBAR) $0.27 ↓ -4.05%
Bitcoin Cash Bitcoin Cash (BCH) $566.62 ↓ -2.62%
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Litecoin Litecoin (LTC) $108.50 ↓ -2.54%
Toncoin Toncoin (TON) $3.23 ↓ -3.39%
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Polkadot Polkadot (DOT) $3.94 ↓ -5.03%
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Dai Dai (DAI) $1.00 ↑ 0.02%
Bitget Token Bitget Token (BGB) $4.57 ↓ -2.26%
Pepe Pepe (PEPE) $0.00 ↓ -8.02%
Cronos Cronos (CRO) $0.14 ↑ 1.17%
Aave Aave (AAVE) $284.21 ↓ -4.40%
Bittensor Bittensor (TAO) $390.58 ↓ -6.19%
Ethena Ethena (ENA) $0.58 ↓ -12.51%
NEAR Protocol NEAR Protocol (NEAR) $2.71 ↓ -5.96%
Ethereum Classic Ethereum Classic (ETC) $21.98 ↓ -2.44%
Pi Pi (PI) $0.43 ↓ -3.16%
Ondo Ondo (ONDO) $0.97 ↓ -6.03%
Internet Computer Internet Computer (ICP) $5.49 ↓ -4.86%
OKB OKB (OKB) $48.43 ↓ -1.32%
Mantle Mantle (MNT) $0.77 ↓ -4.96%
Aptos Aptos (APT) $4.63 ↓ -4.02%
Kaspa Kaspa (KAS) $0.10 ↓ -5.39%
Bonk Bonk (BONK) $0.00 ↓ -15.61%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -9.11%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -4.47%
Algorand Algorand (ALGO) $0.26 ↓ -4.76%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.26%
Arbitrum Arbitrum (ARB) $0.43 ↓ -6.22%
GateToken GateToken (GT) $17.79 ↓ -1.48%
VeChain VeChain (VET) $0.02 ↓ -3.21%
Render Render (RENDER) $3.96 ↓ -7.05%
Worldcoin Worldcoin (WLD) $1.09 ↓ -8.47%
SPX6900 SPX6900 (SPX) $2.11 ↓ -5.42%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.46 ↓ -6.45%
Sei Sei (SEI) $0.32 ↓ -4.40%
Sky Sky (SKY) $0.09 ↓ -8.68%
Cosmos Cosmos (ATOM) $4.62 ↓ -5.66%
Filecoin Filecoin (FIL) $2.58 ↓ -5.21%
Flare Flare (FLR) $0.02 ↑ 1.55%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.71 ↓ -4.80%
Story Story (IP) $5.59 ↓ -0.88%
Jupiter Jupiter (JUP) $0.54 ↓ -8.69%
XDC Network XDC Network (XDC) $0.09 ↑ 0.21%
Quant Quant (QNT) $122.01 ↓ -3.40%
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Home Cryptocurrency

Bitcoin Price Drops Below $60K, Igniting a Brief Buying Spree

Hannah Mwareri by Hannah Mwareri
4 October 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
Bitcoin Price Drops Below $60K, Igniting a Brief Buying Spree

Bitcoin Price Drops Below $60K, Igniting a Brief Buying Spree

The Bitcoin prices dropped below $60,00 yesterday, October 3, leaving most traders in despair. The traders hoped that the new month would favor  BTC, forcing the giant crypto to defy its recent volatility movement and reclaim its critical level. 

This turned the opposite when Bitcoin stepped back from its critical resistance level, hitting the $60,000 mark. The sharp drop was accompanied by increased buying pressure and a surge in on-chain activities. This demonstrated that the investors were willing to buy the dip.

Table of Contents

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    • FIS and Circle Team Up to Bring Stablecoins to Every U.S. Bank
  • Traders Buying the Dip After BTC Fell Below $60K
  • Will ‘Uptober’ Bitcoin Rally Happen?
  • Factors Contributing to Bitcoin  Price Swing

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Traders Buying the Dip After BTC Fell Below $60K

Data from Trading View shows that BTC retested the $59,860 mark on Bitstamp before climbing above $61,600 on CoinMarketCap. The dramatic twist in BTC prices attracted criticism from key market players. 

trades

                                          Source: Trading View

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Market critics argued that the increase in geopolitical tension in the Middle East contributed to BTC’s dip, losing its last week’s gains. With the hopes that BTC was on the verge of a breakout rally in ‘Uptober,’ the traders were devastated.

Some expected a definitive recovery above $60K, while others anticipated BTC to remain sluggish. On X, the crypto traders expressed disappointment with BTC’s bearish momentum.

An X user and renowned crypto trader, Toni Ghinea, projected that October will be a bearish month. Ghinea projected that the push-pull investors’ sentiment will drag  BTC below $56,000.

The analyst anticipates Bitcoin’s fortune to shift, with BTC hovering below $54,000. While Ghinea remains pessimistic, CrypNuevo projects BTC to stage a significant comeback.

Will ‘Uptober’ Bitcoin Rally Happen?

However, the crypto trader expected BTC to drop slightly below the $60,000 psychological level before the imminent recovery. CrypNuevo expects Bitcoin price swings will be accompanied by massive liquidation before the opposite happens.

                                                            Source:CrypNuevo

He noted that the retail traders panicked when BTC reached $59K. In a subsequent report, the CryptoOnchain stated that the October 3 withdrawals from crypto exchanges mirror the figures reported in the 2022 bear market.

The CryptoOnchain explained that reports from on-chain data show that the Bitcoin outflows from exchanges surged. However, the CryptoOnchain envisioned the BTC Uptober rally as poised to occur despite the market downturn.

The analyst recalled that the release of the US employment report fueled BTC bulls. The employment data made risky assets such as crypto assets more attractive to investors.

On Telegram, QCP Capital shared the BTC market prediction. The QCP team described the BTC’s recent downturn as a temporary weakness.

Factors Contributing to Bitcoin  Price Swing

Compared to the performance of US stock, the QCP believes that crypto will soon recover. The QCP team mentioned that macroeconomic factors contribute to the price action of risky assets. From their analysis, the QCP described the  ADP employment report as beyond expectation.

This implies that the labour market and changes in monetary policies are key drivers in boosting the market performance of risky assets. The QCP anticipates the Bitcoin to reap Uptober gains towards the end of the month,

Elsewhere, the blockchain analytics firm Santiment noted that the social media mention of Uptober has lately declined. The Santiment stated the Middle East geopolitical tension dragged most crypto to the red zone.

The bearish crypto market turned the long-awaited ‘Uptober’ to ‘Selltober.’ With memes and videos showing the BTC ‘Selltober,’ traders remain hopeful that Bitcoin will defy the rocky start and register in the Uptober rally. For more updates on how  BTC will recover from the sharp decline, follow TurkishNY Radio on Tumblr, Telegram, and LinkedIn.

Tags: bitcoinBitcoin price
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Hannah Mwareri

Hannah Mwareri

Hannah is a news writer for TurkishNY Radio, she enjoys tuning to daily crypto markets and enjoy writing on trending news and events

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