CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
CryptoIntelligence 2024-10-26 20:27:00

Bitcoin Drops Over 5%, But Bullish Reversal Looks Likely

On Oct. 26, Bitcoin hovered around $67,000 after recent news events caused a nearly 5% dip in its price. Data from Cointelegraph Markets Pro and TradingView captured Bitcoin hitting local lows of $65,530 on Bitstamp, just before the Oct. 25 daily close. This drop coincided with increased geopolitical tension between Israel and Iran, as well as unconfirmed allegations from the Wall Street Journal regarding potential illicit use of the largest stablecoin, Tether (USDT). Though Tether quickly dismissed these accusations, market sentiment turned risk-off. However, many market observers believe the more significant factor impacting Bitcoin’s price was open interest (OI) rather

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.