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Bitcoin Retests $62K as It Braces for a ‘High-Impact’ End of October

Bitcoin hovers around $62,000, with traders cautiously awaiting key U.S. economic data that could impact market momentum.

• Main Points:

  • $62K support retest: Bitcoin repeatedly tests $62K support amid uncertainty.

  • Fed minutes awaited: Key macro events, including Fed minutes and inflation data, are expected to drive market volatility.

  • October impact: Late October holds significant macroeconomic events, including GDP and PCE inflation data.

  • US demand cools: The Coinbase premium drops, signaling reduced interest from U.S. traders.

• Detailed Insights:

  • Stuck at $62K: Bitcoin has shown little movement up or down, retesting $62K several times as traders brace for the release of Federal Reserve meeting minutes on October 9.

  • Macro uncertainty: Inflation data, including CPI and PPI, along with unemployment figures, could bring volatility later this week.

  • End-of-month focus: Analysts expect a “very high impact” at the end of October due to critical GDP estimates and the Fed’s preferred inflation metric, PCE.

  • US traders uninterested: The Coinbase premium, a measure of U.S. demand, has turned negative, indicating waning interest from U.S. investors in the current price action.

Related: Bitcoin Falters at $64K Resistance — Here’s Why

With macroeconomic data and U.S. demand playing a crucial role, Bitcoin’s next move depends on how these factors unfold in the coming days.

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Bitcoin Whale Adds 750 BTC Despite $46 Million in Losses

A Bitcoin whale has accumulated an additional 750 BTC, even while facing $46 million in unrealized losses on their total holdings of 10,158 BTC.

• Main Points:

  • Whale adds 750 BTC: A Bitcoin whale increases their holdings to 10,158 BTC, worth $633 million.

  • Unrealized losses: The whale is currently down $46 million on their overall investment.

  • Dormancy ends: The whale resumed activity after six months, withdrawing 250 BTC before purchasing more.

  • Bitcoin struggles at $62K: BTC’s price remains volatile, hovering near $62,000.

• Detailed Insights:

  • Whale’s growing holdings: The whale accumulated 750 BTC after a six-month break, pushing their total to 10,158 BTC despite unrealized losses of $46 million.

  • Average purchase price: Their average entry price of $67,026 per BTC means they bought at a higher price than the current market rate.

  • Buy-the-dip strategy: Despite significant losses, the whale continues accumulating, demonstrating confidence in Bitcoin’s long-term potential.

  • Bitcoin price volatility: Bitcoin fell as low as $61,800 but is now trading around $62,300, while most altcoins struggle to gain momentum.

Related: Bitcoin Reclaims $64K Following Saylor’s “Winning” Message

The whale’s actions reflect continued confidence in Bitcoin, despite short-term price drops and market volatility.

Tim Draper Predicts Bitcoin Will Hit $250K ‘Fast’ Under One Condition

Billionaire investor Tim Draper predicts Bitcoin will soar to $250,000 once U.S. regulatory hurdles are removed, blaming the SEC for slowing crypto growth.

• Main Points:

  • $250K prediction: Draper expects Bitcoin to reach $250,000 once regulatory barriers are lifted.

  • SEC blamed: Draper argues that the SEC’s strict approach has stifled Bitcoin’s price growth.

  • Missed timeline: His 2018 prediction of Bitcoin hitting $250K by 2022 has not materialized.

  • Regulatory shift needed: Draper urges the U.S. to embrace crypto innovation or risk losing it abroad.

• Detailed Insights:

  • Regulatory constraints: Tim Draper believes Bitcoin would already be at $250,000 if not for the SEC’s restrictive policies, which he says stifle the sector’s growth.

  • Missed target: Draper’s earlier prediction that Bitcoin would hit $250K by 2022 fell short, with the investor blaming outdated regulations.

  • Push for crypto-friendly policies: Draper urges the U.S. government to regulate cryptocurrencies like other assets, warning that innovation will move abroad without clear, supportive regulations.

  • SEC chair criticism: Draper suggests SEC Chair Gary Gensler’s mismanagement of the crypto sector could cost him his job.

  • Impact of the U.S. election: Some analysts speculate that Bitcoin’s price will be influenced by the outcome of the November election, with regulatory clarity potentially boosting the market.

Related: US Supreme Court Rejects Case Over $4.4B Silk Road Bitcoin

Draper’s long-standing prediction underscores the belief that regulatory reform is key to Bitcoin’s future growth.

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