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Bitcoin Drops Below $59K — Will History Repeat With a 24% Decline?

Bitcoin’s price fell 5.3%, reaching a three-week low of $58,900. With key derivatives metrics turning negative, traders wonder if a larger price drop is on the horizon, similar to the 24% dip seen in August.

• Main Points:

  • Bitcoin drops 5.3%: BTC hit a low of $58,900 after high inflation data sparked fears of economic slowdown.

  • Derivatives turn bearish: Futures premiums dropped below 5%, a bearish sign that previously led to a 24% price decline.

  • ETF outflows: U.S. spot Bitcoin ETFs saw $59 million in outflows over two days, dampening market sentiment.

  • Market uncertainty: Rising jobless claims and regulatory actions add pressure to the crypto market.

• Detailed Insights:

  • Inflation sparks Bitcoin sell-off: U.S. inflation data higher than expected, coupled with rising jobless claims, has triggered concerns of “stagflation,” where prices rise despite a stagnating economy. This is leading to fears of tighter Federal Reserve policies and a stock market correction, which could also affect Bitcoin.

  • Bearish signal in futures markets: The Bitcoin futures premium dropped below 5%, marking a significant shift in market sentiment. The last time this metric turned negative in August, Bitcoin experienced a 24.6% decline over three days.

  • ETF outflows hurt optimism: Bitcoin ETFs experienced $59 million in outflows, signaling reduced interest from institutional investors at a critical moment.

  • Regulatory concerns: The SEC’s lawsuit against market maker Cumberland DRW has fueled uncertainty, further eroding confidence in the market.

Related: Bitcoin ‘Capitulation Incoming’ as Liquidity Threatens Sub-$50K Drop

While derivatives metrics and macroeconomic factors are flashing warning signs, traders remain cautious as Bitcoin’s price could face additional volatility in the days ahead.

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Why Is XRP Price Up Today?

XRP’s price surged over 3%, reaching $0.54, following Ripple’s legal actions against the SEC and support from a new lawsuit filed by crypto exchange Bitnomial.

• Main Points:

  • Ripple’s cross-appeal: Ripple filed a cross-appeal against the SEC, boosting investor confidence.

  • Bitnomial lawsuit: Crypto exchange Bitnomial sued the SEC, adding momentum to XRP’s rise.

  • XRP price jump: XRP rose by over 3% within 24 hours, reacting to positive legal developments.

  • Bearish risks remain: Despite gains, XRP risks further selloffs in the coming weeks.

• Detailed Insights:

  • Ripple’s legal fight strengthens: Ripple’s cross-appeal comes in response to the SEC’s attempt to overturn a ruling in which Ripple was fined $125 million, far less than the $2 billion the SEC sought. The market viewed Ripple’s move as a strong counteraction, pushing XRP’s price upward.

  • Bitnomial takes on the SEC: Bitnomial filed a lawsuit accusing the SEC of overstepping its authority by labeling XRP as a security. The exchange argues XRP is a commodity under the CFTC’s jurisdiction, further boosting positive sentiment around XRP.

  • XRP risks ahead: While XRP has gained momentum, technical analysis points to a potential selloff. Bearish patterns indicate XRP could drop to $0.465 in November, a 13.65% decline from current prices.

Related: Bitcoin Whales Dump 1,500 BTC at Massive Loss Amid Market Fear

XRP’s short-term gains are driven by legal developments, but traders should remain cautious of potential downside risks in the near future.

Bitcoin Price Gains 'On Horizon' as Whales Accumulate 1.5M BTC

Bitcoin whales have accumulated 1.5 million BTC over the last six months, suggesting an upward price move may be approaching despite short-term market sell-offs.

• Main Points:

  • Whales accumulate 1.5M BTC: Large investors continue to buy Bitcoin amid price dips, pushing total whale holdings higher.

  • Short-term holders sell at a loss: Bitcoin speculators are reacting to price volatility, selling at a loss.

  • Whale accumulation strong: Whale growth between $54,000 and $68,000 points to potential future price gains.

  • BTC price outlook: Whale activity signals a potential mid- to long-term price rise.

• Detailed Insights:

  • Whales continue to buy the dip: Bitcoin whales have added 1.5 million BTC to their wallets since March, steadily increasing their holdings despite recent price drops below $60,000.

  • Short-term holders offloading: While whales accumulate, short-term holders (STHs) are selling at a loss, particularly when BTC dipped to $60,000 on Oct. 10. Over 24,000 BTC were sold at a loss in the last 24 hours.

  • Whale accumulation signals upward potential: Data suggests both new and existing whales are buying BTC between $54,000 and $68,000, indicating a possible bullish move for Bitcoin in the mid- to long-term.

Related: Joe Rogan Questions Bitcoin’s Value and Risks Amid Growing Digital Asset Concerns

Despite current volatility, Bitcoin’s long-term outlook remains positive as whales increase their holdings, hinting at a potential price surge in the near future.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results