👉The current price of Bitcoin is $61,170.09 per (BTC/USD) with a current market cap of $1,209.07B USD. The 24-hour trading volume is $28.38B USD. BTC to USD prices are updated in real-time.
💥Geopolitical risks dampen Bitcoin's rally
👉Bitcoin price is currently stuck due to economic uncertainty and geopolitical risks, creating a cautious market environment.
For example, on one hand, the market is anticipating a 25 basis point (bps) rate cut by the Federal Reserve, especially while awaiting the minutes of the Federal Reserve's latest policy meeting on October 9 and key inflation data on October 10.
Interest rate cuts are typically good for Bitcoin. However, risk sentiment has been hit by worsening geopolitical conflict in the Middle East, as investors flock to safer assets like the US dollar.
For example, the USD index has risen to its highest level in nearly a month, especially as Bitcoin price has risen in the $60,000-64,000 range.
💥Minimal selling activity keeps BTC price stable
👉The reason behind Bitcoin's constant swings can be traced to the Sell-Side Risk Ratio indicator.
Notably, this metric measures the total realized profits and losses against the Real Bitcoin Market Cap. A higher ratio means that investors are moving their coins at a significant profit or loss compared to their initial investment.
On the other hand, a lower ratio indicates that the coin is being sold near the investor's break-even point, with minimal profit or loss.
As of October 9, the ratio has fallen below the “low band,” signaling that very few profits or losses are occurring at current prices. This lack of decisive action from investors suggests market stagnation, contributing to the stagnant Bitcoin price.
