Originally published on: October 03, 2024
The Bitcoin price took a hit, dropping below $60,000 on Oct. 3, sparking a surge in buying activity on exchanges. Data from Cointelegraph Markets Pro and TradingView showed new local price lows of $59,860 on Bitstamp.
Geopolitical uncertainty in the Middle East continued to weigh on Bitcoin, with traders unsure whether the price would continue to decline or bounce back from the $60,000 mark. Popular trader Toni Ghinea predicted a price target of $56,000, while CrypNuevo remained optimistic about the return of the uptrend.
Order book liquidity indicated an increase in bids just below the $60,000 mark, and onchain analytics platform CryptoQuant confirmed a rise in buyer interest on exchanges. This surge in activity was described as the largest aggregate withdrawal from exchanges since 2022.
Despite the temporary dip in price, macroeconomic data from the United States remained positive, with low unemployment rates boosting investor confidence in the labor market. Trading firm QCP Capital anticipates a bullish trend for Bitcoin in October, with a potential upside expected by the end of the month.
Overall, market observers believe that the recent price fluctuations are driven by macroeconomic factors and encourage readers to make informed decisions when investing or trading.
