The price of bitcoin dipped to $58,867 on Thursday, around 2 p.m. Eastern Time, but by 8:50 p.m. it had climbed back above $60,000.
The price of bitcoin dipped to $58,867 on Thursday afternoon, but it later climbed back above the $60,000 level.
The initial drop in price was accompanied by a surge in trading volume, which then gradually declined as the price began to recover. This could indicate either reduced market activity or cautious buying.
A glance at the one-hour chart reveals mostly neutral signals. The relative strength index (RSI) sits at 45, Stochastic at 57, and the awesome oscillator displays slight negative momentum. However, indicators like momentum and the moving average convergence divergence (MACD) hint at a bullish trend, with values of -251 and -318 respectively, suggesting some upward movement despite the market uncertainty.
According to data from Coinglass, there were $191.13 million in liquidations across the crypto market on Oct. 10. A total of 57,743 traders lost their positions. Of the total liquidations, $148.22 million came from long positions, with about $53.82 million of those tied to bitcoin (BTC) derivatives. One unfortunate trader on Binance lost $10.51 million in a BTC/USDT position, marking the largest single liquidation on Thursday.
By 8:50 p.m., South Korea’s bitcoin premium stood at 1.23%, which is a promising sign considering it dropped to a discount on Oct. 5. Metrics from cryptoquant.com show Coinbase’s Premium Gap at a negative $46.86, which typically indicates higher selling pressure from U.S. traders.
On Thursday, BTC’s market value was $1.19 trillion out of the $2.11 trillion total crypto market, giving bitcoin over 56% dominance. Meanwhile, the crypto fear and greed index pointed to a “fear” score of 37.
As bitcoin navigates this price volatility, the balance between cautious optimism and market uncertainty remains delicate. Notably, traders seemed more hesitant, which may reflect broader concerns about the sustainability of the price recovery. After 9 p.m. on Oct. 10, BTC was struggling to hold the $60,000 range.
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