Bitcoin bulls continue to press $28K while calling for a pullback in Bitcoin prices Cryptocurrency scrgruppen

Bitcoin (BTC) eased volatility on October 6 as bearish gears returned for the BTC price.

BTC/USD one-hour chart. Source: Trading View

Bitcoin keeps liquidations limited amid prolonged ‘squeeze’

Data from Cointelegraph Markets Pro and TradingView Covered a flat 24 hours for BTC/USD after a failed retest at $28,000.

After remaining in a narrow range of about 1.5%, the largest cryptocurrency was once again heading towards the $28,000 level before Wall Street opened, but it raised new concerns from market participants about possible losses to come.

Popular trader Daan Crypto Trades looked at the ongoing struggle between two major moving averages (MAs) on one-day time frames.

“Whether the daily 200MA (purple) or the daily 200EMA (blue) pulls back first will likely set the trend for the rest of October if I had to guess.” books Next to a chart in X’s post on October 4.

“$27,000 and $28,000. “The battle continues.”

Annotated chart of BTC/USD. Source: Dan CryptoTrades/X

Daan Crypto Trades later noted an increase in open interest (OI) across exchanges, and this would cause a squeeze on short trades followed by long trades, respectively.

“This has typically been a short (up) squeeze to a long (back) squeeze. We saw this yesterday again. It’s good to keep an eye on this area.”

Data Monitoring of the CoinGlass resource showed negligible overall liquidations across both long and short BTC positions through October 6th.

BTC liquidation chart (screenshot). Source: Coinglass

The lack of low levels for BTC prices is a “surprise”

At the same time, physical resource monitoring indicators turned their attention to whale trading behavior throughout the week.

Related: Bitcoin Bull Market Waits as US Faces ‘Bear Slope’ – Arthur Hayes

By dividing the whales into groups based on size, they showed different “classes” of whales making contrasting movements. Orders between $100,000 and $1 million — the category of physical indicators often said to be the main driver of spot price action — increased exposure, but failed to spark a broader uptrend.

“This week, purple was bought aggressively and the local top was sold off. They then proceeded to buy the dips for a net $13.8M+ of market orders on @binance over the past 7 days. to explain.

The data also showed that other whales had net sales worth nearly $60 million during the same period.

“We can speculate whether this is part of the FTX liquidation or not,” Material Indicators added, referring to the possible liquidation of assets from the defunct exchange FTX.

“It doesn’t really matter who it is, but if there’s any surprise, it’s not that the price hasn’t gone up… it’s that it hasn’t gone down.”

BTC/USD order book data for Binance with whale activity. Source: Physical Indicators/X

On the topic of exchange-based setups, popular trading account Exitpump also spotted a potential liquidity grab in the works for just under $27,400.

“Price always likes to do multiple kisses on a resistance block that forms a top,” as part of the recent analysis was summarized.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cryptocurrency scrgruppen

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