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
Tokyo-based Metaplanet has continued its aggressive Bitcoin strategy, now holding over $400 million in BTC following its latest acquisition.
Bitcoin has staged a strong comeback, briefly pushing beyond $87,000 for the first time in weeks as liquidity conditions improve globally and institutional players show signs of renewed appetite, even while concerns around U.S. trade tensions keep broader markets on edge.
Bitcoin has marked one year since its latest halving event, and long-term holders have reason to celebrate.
A supermarket in Zug, Switzerland, has begun accepting Bitcoin payments, adding to the country’s expanding list of crypto-friendly retailers.