Bitcoin (BTC) Price Aims for Sub $60K amid Low Demand from Whale Investors

Despite the long-term prosperity of Bitcoin and the entire crypto industry, on-chain data shows more whale investors have been offloading their holdings.

Key Notes

Bitcoin price has continued with the macro falling that end after slipping below the crucial support level around $63k.On-chain data shows whale investors have been offloading more coins in the recent past.

After being rejected at the resistance level around $65.6K in the past few weeks, Bitcoin BTC $60 987 24h volatility: 2.0% Market cap: $1.21 T Vol. 24h: $25.88 B price has continued with the multi-month bearish sentiment. The flagship coin dropped over 2 percent in the last 24 hours to trade about $60.8K on Thursday, October 10, during the early London session.

As the Bitcoin price retested the crucial support level above $60K, the altcoin industry continued to bleed, leading to a loss of over 3 percent in the past 24 hours to a market cap of around $2.22 trillion at the time of this report. Consequently, more than $161 million was liquidated from the crypto leverage market, mostly involving the long traders.

From a technical standpoint, if Bitcoin price does not rebound from the current support level, another drop could lead to further altcoin correction in the near term. According to veteran trader Peter Brandt, Bitcoin price could drop as much as $48K in the near term, before kickstarting the next bull cycle with a target of about $135K by the third quarter of 2025.

In the short term, Bitcoin price continues to trade inside a falling parallel channel, which began in March this year. However, a consistent close above $66K will propel Bitcoin price towards its all-time high (ATH) before the end of this year.

Bitcoin Whales Flee Negative Volatility

The Bitcoin market has registered negative sentiment following the HBO documentary, which attempted to reveal the identity of Satoshi Nakamoto. According to on-chain data, Satoshi-era miners, who have remained inactive in the past 15 years, have begun transferring their coins to exchanges for sale.

The entity of 4 fresh whales that withdrew 8,510 $BTC from Bitfinex in June and August has deposited 1,500 $BTC ($92.95M) back to the CEX in the last 30 hours!

Their average accumulating price was $64,434, but their unloading price is only $61,965. At current prices, the whales… https://t.co/oUBqVuIAs6 pic.twitter.com/znpKQrKwri

— Spot On Chain (@spotonchain) October 10, 2024

According to on-chain data analysis conducted by Spot On Chain, four Bitcoin whales that previously accumulated more coins in June and August have deposited more than 1,500 coins in the past two days.

Meanwhile, the ARK 21Shares Bitcoin ETF led the US spot Bitcoin ETF issuers in bleeding on Wednesday, after registering a net cash outflow of over $44 million. Notably, only BlackRock’s IBIT registered a net cash inflow of about $13.8 million on Wednesday, while the rest of the issuers recorded zero cash flow.

According to market data provided by Coinglass, the supply of BTC on centralized exchanges increased by 3,284 coins in the past 24 hours, led by Binance.

Market Picture

After consolidating for the past seven months, the crypto industry is expected to follow Gold in a bullish breakout in the near term. The upcoming US 2024 general elections are expected to trigger a fresh crypto bull market.

Furthermore, the Fed signaled further rate cuts in the near term during its recent FOMC meeting minutes. Additionally, the escalating geopolitical tensions in different regions have pushed investors away from the bond markets.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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