Originally published on: October 31, 2024
Bitcoin experienced a significant drop towards the $71,000 mark as macro data from the United States failed to spark an uptrend in its price on October 31st.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD saw a 1.6% decline on that day, leading to a wipeout of $500 million in open interest.
The Personal Consumption Expenditures (PCE) index for September met expectations but failed to stir excitement in the crypto markets. The high inflation levels and looming interest rate decisions were key concerns for traders.
As experts anticipate potential volatility ahead of the US nonfarm payrolls report on November 1st, Bitcoin whales were seen reducing their exposure, contrary to the accumulation trend observed the week before.
Analysts warn of increasing market volatility, with Bitcoin’s price heading towards the $70,000 level with bidside liquidity being eaten through.
Despite the recent fluctuations, BTC/USD remains up by over 13% month-to-date, hinting at a potential rebound in the near future.
It is important to note that this article is not intended as investment advice, and readers are encouraged to conduct their own research before making any financial decisions.
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