Bitcoin's October 10, 2024 drop was caused by several factors, most notably:

1. Potential sale of Bitcoin by the US government: Reports indicate that the government may sell about $4 billion of confiscated Bitcoin, raising concerns in the market about the impact of this move on supply and demand.

2. Negative technical analysis: Bitcoin has been stuck in a narrow range for the past seven months, and the presence of a strong resistance level has prevented any significant increases. This has raised expectations of a price decline before any recovery occurs.

3. Inaction by "old whales": Long-term Bitcoin holders (whales) have not moved their funds, indicating hesitation in the market about future moves.

4. Institutional pressure: There are concerns about covert operations by major financial institutions aimed at preventing further adoption of Bitcoin at the state level.

These factors combined have led to increased selling pressure and a decline in the price at this time.