Sell-Off Drives Bitcoin Down to $58.8K, While Cautious Buying Leads to Slight Rebound
Bitcoin’s price fell to $58,867 on Thursday afternoon but rebounded above $60,000 by the evening, indicating potential recovery amid heavy selling pressure.
The initial sell-off triggered a spike in trading volume, which gradually declined as cautious buying emerged. Despite the relative strength index (RSI) showing neutral signals, indicators like the moving average convergence divergence (MACD) suggest a bullish trend.
Coinglass reported $191.13 million in liquidations across the crypto market, with a significant portion linked to long positions in bitcoin. As traders remain cautious, bitcoin holds a market value of $1.19 trillion, accounting for over 56% of the total crypto market, while the crypto fear and greed index reflects a score of 37, indicating market uncertainty.
Clever Robot News Desk 14th October 2024
