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 initial drop reflected heavy selling pressure, but the later rebound—though slow—suggests a potential recovery might be on the horizon.
Heavy Sell-Off Pushes Bitcoin to $58.8K, Cautious Buying Fuels Modest Recovery
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin Reclaims $60K After Market Dips: Traders Face $191M in Losses
During the sell-off, bitcoin’s ( BTC) trading volume spiked, then gradually declined as the price began to recover, hinting at either reduced market activity or cautious buying. The latest one-hour chart shows mostly neutral signals.
The one-hour chart shows the relative strength index ( RSI) sits at 45, Stochastic at 57, and the awesome oscillator displays slight negative momentum. Yet, indicators like momentum and the moving average convergence divergence ( MACD) hint at a bullish trend, with values of -251 and -318, implying some upward movement despite market uncertainty.
Coinglass data reveals that $191.13 million in liquidations across the crypto market were settled on Oct. 10, with around 57,743 traders losing positions. Out of the total liquidations, $148.22 million came from long positions, and $53.82 million of those were 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%, 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, typically indicating 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, while the crypto fear and greed index pointed to a “fear” score of 37. As bitcoin navigates volatility, the balance between cautious optimism and market uncertainty remains delicate.
Traders appear more hesitant, reflecting broader concerns about sustainability in price recovery. After 9 p.m. on Oct. 10, BTC was struggling to hold the $60,000 range.
What do you think about the bitcoin price action on Thursday? Share your thoughts and opinions about this subject in the comments section below.
