Whale Activity and Bullish Sentiment Drive Bitcoin's Rebound

Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity.

Bitcoin dropped to a three-week low on Monday, falling as far as $58,895, data from analytics firm Santiment showed, but market sentiment has turned positive with traders viewing the drop as a buying opportunity, especially in light of the latest US Consumer Price Index (CPI) report.

The CPI data showed some worrying inflation trends, but expectations of possible interest rate cuts are keeping market optimism alive. This optimism seems to be driving traders and investors to view the current Bitcoin price as a good time to buy.

? Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity. The narrative flipped to bullish particularly after the US CPI report announced still likely expected rate cuts.

Whale Activity Pushes Bitcoin Back Above $60K, Chiliz, Aave, Uniswap Surging

Bitcoin’s market activity in the past week was driven by an increase in large transactions, often termed “whale” trades. This suggests that institutional investors and high net worth individuals are returning to the market.

This led to Bitcoin’s weighted sentiment hitting 0.121 on October 10, which is significantly higher compared to Ethereum’s sentiment of 0.048 and other assets like Binance Coin (BNB), Cardano (ADA), and XRP.

This bullish sentiment, coupled with renewed confidence across the crypto market, helped Bitcoin climb back above the $60,000 mark after briefly falling below that level. Traders are hoping that the coming weeks will see a further recovery in price, especially if inflation remains a concern and interest rate cuts become a reality.

Chiliz, Aave, Uniswap Top Altcoin Trends as Bitcoin Pauses at $60.5K

While Bitcoin continues to be the main focus of the market, altcoins like Chiliz (CHZ), Aave (AAVE), and Uniswap (UNI) are also generating interest.

According to Santiment’s analysis, Chiliz has attracted traders’ attention due to the launch of a new meme coin, “Pepper,” on its blockchain. The airdrop requires CHZ holders to stake a minimum amount of their tokens to qualify for the new token. This has increased interest in the project.

Aave has become more popular after its integration with World Liberty Financial, a project that is linked to the Trump family. The integration, which uses the Aave v3 protocol, is designed to make decentralized finance (DeFi) more accessible, especially for borrowing and lending.

Uniswap is also seeing higher trading volumes, which are being driven by the launch of Unichain, its new Layer-2 network. This development has created optimism about a potential recovery in the Uniswap price, with some analysts predicting that the token could reach $20 by 2025.

Bitcoin’s price is currently trading at $60,570, which marks a slight decrease of 0.52% in the past 24 hours. Chiliz, on the other hand, has seen a decrease of 6.25%, trading at $0.0688. Aave’s price also experienced a marginal decrease, trading at $141.30, with a decrease of 0.21%. Meanwhile, Uniswap bucked the trend, rising 6.35% to $8.06.

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