Stablecoins experience a new completely red day this Thursday as well, those that fell the most are Dogecoin (-5.4%), followed by Binance (-3.6%), Solana (-3.3%) and Toncoin (-2 .9%).
He Bitcoin low 3.5% in the last 24 hours and drills the key value of the US$60,000 This Thursday, October 10, due to the resurgence of inactive tokens coincides with a lukewarm demand for the cryptocurrency in the spot market. Meanwhile, the Ethereum give in 2.7% to US$2,366 in the same time range.
The stablecoins experience this Thursday a new totally red day as well, the ones that drop the most are Dogecoin (-5.4%), followed by Binance (-3.6%), Solarium (-3.3%) and Toncoin (-2.9%).
On-chain data has revealed that many long-held BTC have re-entered circulation. While this is typically positive for the value of the cryptocurrency, it has been met with low demand, which could add further downward pressure on the price of Bitcoin.
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Bitcoin Prediction: The Market Needs New Demand
The current increase in BTC supply without the demand to absorb it may cause its price to decline for the time being.
The readings of Fibonacci Retracement of Bitcoin indicate that if the selling pressure gains momentum, the price of the leading cryptocurrency has already pierced the 60,000 dollars to test support on $58,464. If the bulls fail to defend this level, Bitcoin price could fall to this latest low.
Source: Ambito
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