<p>Bitcoin recently dropped to $58,900, hitting a three-week low after a positive U.S. CPI report raised hopes for potential interest rate cuts. Despite this dip, traders see a buying opportunity. Santiment, an on-chain market analysis platform, reports that market sentiment has turned bullish, even though Bitcoin remains under <a href="https://coinpedia.org/news/crypto-market-today-10th-oct-2024-bitcoin-price-slips-to-60k-level-as-u-s-cpi-dips-to-2-4/" rel="noopener noreferrer nofollow">$60,000</a>, hinting at a possible bull run.</p>  
<p>But what's driving this bullish sentiment amidst the turmoil? Could this be the beginning of a long-awaited Bitcoin bull run? To find out, read on.</p>  
<h2 class="wp-block-heading" id="h-whales-are-cashing-out">Whales Are Cashing Out!</h2>  
<p>As the market experiences a sell-off, crypto whales have been cashing out quickly, which has added pressure to the bullish outlook. Over the past three days, Bitcoin whales have <a href="https://coinpedia.org/news/bitcoin-price-at-risk-of-75-correction-as-whales-sell-off-2-billion-in-btc/" target="_blank" rel="noopener noreferrer nofollow">sold more than 30,000</a> BTC, worth nearly $2 billion. This sell-off has caused the overall crypto market to dip by 0.6%.</p>  
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> is now back to levels last seen when the U.S. Federal Reserve surprised the market with a 50-point interest rate cut in mid-September, marking the current low of $58,900.</p>  
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<h2 class="wp-block-heading" id="h-liquidations-spike">Liquidations Spike</h2>  
<p><a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Data from Coinglass</a> shows that liquidations in the crypto market have reached $197.08 million in the last 24 hours, affecting around 58,823 traders. Of this total, $147.45 million came from long positions, with $49.64 million linked to Bitcoin derivatives.</p>  
<p>One of the largest losses was on Binance, where a trader saw a $10.51 million liquidation in a BTC/USDT position. Reflecting caution in the market, the Crypto Fear and Greed Index now stands at 32, showing “fear.”</p>   [post_titles_links postid="363816"]  
<h2 class="wp-block-heading" id="h-the-markets-remain-positive">The Markets Remain Positive</h2>  
<p>Even though Bitcoin has fallen below the key $60,000 level, Santiment data shows traders are growing more optimistic. Historically, Bitcoin tends to attract buyers during similar dips, especially when there are signs of looser monetary policy ahead.</p>  
<p>With inflation cooling, as shown by the latest <a href="https://coinpedia.org/news/septembers-us-cpi-data-inflation-drops-to-2-4/" target="_blank" rel="noopener noreferrer nofollow">CPI data</a>, hopes for interest rate cuts are rising, fueling optimism about Bitcoin’s potential growth.</p>  
<p>Santiment’s analysis suggests many traders see this dip as a brief pullback, not the start of a prolonged downturn. Traders are preparing for a possible rebound, with hopes growing for Bitcoin’s recovery.</p>  
<p><strong>Do you think this is a buying opportunity or a sign of more trouble ahead for Bitcoin? Let us know.</strong></p>

Perfect Bitcoin Buying Opportunity? BTC Price Dips to 3-Week Low as Bull Run Brews

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