Bitcoin Down But USDT And USDC Inflow to Exchanges Rising: Primer for $66,000?

Bitcoin is down at press time. Although the primary support remains to be $60,000, the series of lower lows in the past few trading days increases the chance of the coin sinking. Still, confidence is high. As long as $60,000 stands, the path of least resistance, from the top-down preview, will be northwards. The September bar guides. This is not to discount the possibility of the coin plunging if there is no decisive close above $64,000. This formation will align with last week’s losses and may set a wave of selling in motion, pushing the coin to August lows.

Presently, bulls are upbeat. If buyers are to come on top, there must be interest and triggers will be from fundamental factors. As things stand, BTC is stable amid stable trading volume at around $25 billion. Any uptick in engagement will largely depend on the reaction at $64,000 or the support band between $58,000 and $60,000.

Bitcoin Daily Chart for October 10

Traders are closely watching the following Bitcoin trending news events:

  • Despite concerns that sellers are stronger, the coin is trading at a premium. Over the past year, the average purchase price for Bitcoin is $55,000. Since 2024, the mean is $38,700. This analysis confirms that diamond hands often win.
  • More users are sending USDC and USDT to leading exchanges like Binance. Presently, the rate of exchange inflow is above the annual average. Usually, as more people send stablecoins to exchanges, the possibility of bulls benefiting is higher.

Bitcoin Price Analysis

BTC/USD is down when writing.

Technically, the coin is within a sideways chop and accumulating.

The local support and resistance is at $64,000 and $60,000.

A close above October 1, reversing early this month’s losses, will easily lift Bitcoin to September highs.

However, considering the sell-off of last week, there is a high probability of BTC extending losses.

A break below $60,000, preferably with rising volume, can trigger a sell-off to August lows at around $49,000.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments