Key Points
- The price of Bitcoin (BTC) has dropped to $58K, a decrease of over 2% in the past 24 hours.
- Bitcoin’s dominance continues to rise, reaching a multi-year high of 58%.
Bitcoin’s price has seen a decrease of over 2% in the past 24 hours, currently trading at around $58,766. Despite this drop, Bitcoin’s price increased by over 7% last week, hinting at a possible rebound in the near future. As the fourth quarter approaches, Bitcoin appears to be preparing for a parabolic phase.
The dominance of Bitcoin in the crypto market has been on the rise, reaching a multi-year high of 58%. According to crypto analyst Benjamin Cowen, this dominance is expected to continue until it reaches 60%, before retracing in 2025, paving the way for an anticipated altseason.
Bitcoin’s Price and Predictions
Bitcoin’s price has been showing signs of recovery from its falling trend that began earlier this year. After bouncing back from a weekly support level above $54K, the price is now aiming to retest its all-time high. Crypto analyst Ali Martinez predicts that if the $58K support level holds, Bitcoin’s price could rally towards $62K. However, if this support level fails, a drop to $55K may be inevitable.
In the weekly timeframe, Bitcoin’s price rebounded from the 50 Moving Average (MA) but failed to reclaim the 50% level on the Relative Strength Index (RSI). The price of Bitcoin in the coming days will have a significant impact on the monthly close.
Whale Activity and Economic Outlook
On-chain data shows a mixed reaction from whale investors, with one selling off 500 Bitcoins, worth over $30 million, while still holding nearly 300 BTCs. Meanwhile, US spot Bitcoin ETFs registered a net cash inflow of over $403 million last week, led by Fidelity’s FBT. This trend is expected to continue as the US prepares for its 2024 general elections.
As Gold’s price reached an all-time high, Bitcoin’s price is expected to follow suit. This bullish sentiment is backed by traders who anticipate the Federal Reserve to cut its benchmark interest rate on Wednesday. Furthermore, US inflation has significantly declined to below 3% from over 7% in the past few years. The European Central Bank and Bank of Canada have also initiated several interest-rate cuts this year to stimulate economic activity.
