Bitcoin Price – Bitcoin Dips to $59,860: Market Reactions Amid Geopolitical Strain
Bitcoin Price – Bitcoin (BTC) experienced a significant dip on October 3, falling below the $60,000 mark as Wall Street opened, driven by a surge in flash buyer demand on exchanges. As traders reacted to the market conditions, Bitcoin’s price plummeted to a new local low of $59,860 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
Geopolitical Pressure on Bitcoin
The ongoing geopolitical uncertainty, particularly in the Middle East, has continued to exert pressure on Bitcoin’s price. Despite efforts to recover from earlier losses this week, BTC/USD remains trapped in a precarious position, with traders torn between further declines and the psychological barrier at $60,000, which has become a critical recovery zone.
Traders’ Sentiment: Caution Ahead
Prominent trader and analyst Toni Ghinea expressed caution in his latest post on X, stating, “Anyone bullish into October is on the WRONG SIDE.” He predicts a bearish target of $56,000 for Bitcoin. Ghinea had previously indicated that the ultimate goal for the current downturn could be around $54,000 or even lower.
However, not all traders share this bearish outlook. CrypNuevo, another popular trader, noted the importance of the $60,000 psychological level, suggesting that a slight drop below this mark might trigger stop-losses and high-leverage liquidations before a potential reversal. He warned that if Bitcoin were to dip to $59,000, even momentarily, retail investors could panic, exacerbating selling pressure.
Order Book Insights and Buyer Interest
Current data from order book liquidity, as monitored by CoinGlass, shows increasing bids just below the $60,000 threshold, indicating potential support at this level. Furthermore, analytics platform CryptoQuant confirmed that buyer interest among exchange users is already picking up, reflecting a broader trend in the market.
In a recent blog post, contributor CryptoOnchain highlighted what has been described as the largest aggregate withdrawal from exchanges since the 2022 bear market, emphasizing a growing trend of Bitcoin outflows. “On-chain data shows an increase in Bitcoin outflows from exchanges— all three 30-, 50-, and 100-day moving averages indicate this,” the post stated.
Macroeconomic Influences on Bitcoin
On the macroeconomic front, data released the same day indicated that U.S. jobless claims remained low, reinforcing confidence in the labor market. Observers believe that this could also support risk assets, including cryptocurrencies, as the market stabilizes.
QCP Capital, a trading firm, stated in their latest bulletin that the correlation between crypto and U.S. stocks remains strong. “We believe this weakness is temporary. As U.S. equities recover, crypto is likely to follow,” they concluded. They also noted the importance of the upcoming non-farm payroll report in confirming a robust U.S. labor market.
Looking Ahead: The “Uptober” Rally
With expectations of rate cuts and labor strength, QCP anticipates that Bitcoin will experience a typical “Uptober” regarding price performance, potentially leading to a recovery by the end of the month. They remain optimistic despite the tensions in the Middle East, viewing the recent dip as temporary.
“Despite Middle East tensions impacting Bitcoin during its historically strong month, we see this dip as temporary and expect the ‘Uptober’ rally to prevail,” QCP stated.
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