In recent developments in the cryptocurrency market, traditional financial institutions are adopting blockchain technology, leading to increased volatility in the market. The successful pilot test of blockchain-based settlements by the European Central Bank (ECB) and Börse Stuttgart has reduced settlement times for securities like bonds and shares from two days to a few minutes. This test is part of the ECB’s larger investigation into the impact of blockchain technology on financial markets, signaling wider acceptance of blockchain in traditional finance, which could have a positive impact on Bitcoin and other cryptocurrencies by increasing industry confidence.
Retail traders, or everyday investors, are maintaining steady activity in the cryptocurrency market, while larger investors, known as “whales,” are increasing their positions in Bitcoin in the bullish month of October. Data from exchanges like OKX and Binance shows that there are fewer retail traders participating compared to previous bull markets. The trend of large investors accumulating Bitcoin while regular investors remain cautious may indicate the potential for price increases if whales continue to buy and retail traders join in, causing the market to peak.
Bitcoin prices experienced a significant drop to nearly $60,000 due to heightened tensions in the Middle East, impacting global markets. The concerns over Iran’s missile launches against Israel led to a 9% drop in Bitcoin’s price in 48 hours, sending it to its lowest level since September. This decline highlights Bitcoin’s susceptibility to external geopolitical events. While some attribute the decline to geopolitical fears, others blame overheated Bitcoin and profit-taking at the end of the month. Analysts suggest that such events tend to only temporarily affect Bitcoin and remain optimistic about its recovery.
Bitcoin’s recent volatility is attributed to various international factors, including China, BlackRock, Donald Trump, and the Federal Reserve. After reaching an all-time high value of $70,000, Bitcoin fell as market reactions to concerns about China’s economic situation intensified. BlackRock CEO Larry Fink warned about the market’s high expectations for Federal Reserve interest rate reductions and anticipated a “tsunami of liquidity” from China, driving up the price of Bitcoin in the near future. Despite short-term price declines, analysts predict a significant increase in Bitcoin’s value due to liquidity from China and potential Federal Reserve rate cuts.
Technical analysis of Bitcoin on October 2, 2024, shows the cryptocurrency trading at $61,310, struggling to regain momentum after a sharp sell-off. Immediate resistance is seen at $61,690, with stronger resistance at $62,160. On the downside, support levels are at $60,190 and $59,530. The RSI indicator suggests neutral market conditions with potential for downside risk if support levels are breached. Bitcoin needs to surpass $61,690 for bullish sentiment to strengthen; otherwise, risks remain skewed to the downside.
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