The top cryptocurrency turned bearish midway through the week, despite the Federal Reserve's meeting minutes hinting at a potential rate cut on the horizon.
The Fed emphasized that unemployment remains manageable and inflation is gradually easing.
In the wider crypto market, total market value dropped by 3.2% in the last 24 hours, settling at approximately $2.22 trillion. This decline triggered the liquidation of over $161 million in leveraged positions, with long traders bearing the brunt.
On-chain data reveals that whales are selling off assets, adding to market concerns. U.S. Bitcoin ETFs experienced a net outflow of $30 million on Wednesday, while BlackRock’s IBIT registered an inflow of $13.88 million.
In the last 24 hours, over 3,200 BTC were moved to exchanges, signaling more potential selling pressure.
After failing to surpass the $65,600 resistance level in recent weeks, Bitcoin has entered a descending parallel channel that began in March. Analyst Michael van de Poppe believes Bitcoin could fall below $60,000 and test support near $57,000.
A consistent close below this level could lead to further declines, with the next key support around $52,000. However, a breakout above $66,000 could signal a new rally, with $72,000 as the next potential target.
#Bitcoin continuing downwards fall, which means that we're likely having lower tests.
I expected it to hold here, but as negative FUD kicks in on corrections, likely we'll see sub $59.5K and reverse from there.
Still slow waters. pic.twitter.com/wiYYHJFCvb
— Michaël van de Poppe (@CryptoMichNL) October 9, 2024
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.