On-chain analysis platform Santiment included the impact of Bitcoin (BTC) falling below $60,000 on the market.
Santiment included the latest reaction of Bitcoin and investors in his X post dated October 10. Analysts, who stated that Bitcoin fell to $ 58,800 on October 10, reported that this decline was seen as a bottom opportunity by investors.
Analysts stated that the US Consumer Price Index (CPI) report did not change the thoughts about the expected interest rate cut, pointing to the belief that the wave of interest rate cuts could push the Bitcoin price up.
Bitcoin dropped to $58,900 today, retracing its 3-week low. However, investors see this as a dip buying opportunity. The narrative has turned bullish, especially after the US CPI report announced interest rate cuts that are still expected.
In response to the declines in Bitcoin, the FED's interest rate policies have pushed markets such as the S&P500 and NASDAQ to all-time highs, while the same effect is expected to spread to the cryptocurrency market.
Investors saw the decline as a bottom opportunity and took a buying action, bringing Bitcoin back above $60,000 in a short time.
According to CoinGecko data, Bitcoin, which has increased by 1% in the last 24 hours, is traded at $61,214 at the time of writing.
