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