Bitcoin Traders Demand ‘Slow Grind’ After BTC Price Drops Over 4% ScrgruppEn

Bitcoin (BTC) traded moderately higher on October 3 after giving away $1,300 of gains at the daily close.

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

Bitcoin bulls retreat to $28,600

Data from Cointelegraph Markets Pro and TradingView Show BTC price action focusing on $27,500.

The pair fell overnight, falling from six-week highs near $28,600 to rebound at $27,335 before stabilizing.

Despite the risk of October’s opening move turning into a form of ‘fake exit’, market participants have remained calm.

“The breakout that happened yesterday did not immediately send us to $30,000. I consider this a good thing, because those vertical moves often pull back,” said famous trader Jelly. books In part of the X reaction.

Annotated chart of BTC/USD. Source: Geely/X

Dan crypto trades Argue similarly A “slow move to the highs” would be the best scenario for Bitcoin bulls.

“Long positions need to be calm and willing to pull back for this to happen. Let’s see if the Asian session is bullish again or not,” he added of trader behavior.

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

Meanwhile, when analyzing the circumstances surrounding Bitcoin’s price reversal, popular trader Skew highlighted spot traders facing selling pressure.

“Immediate buyers attempted to pay a higher amount of approximately $28.5K and were sold to -> triggering a sell-off,” is part of today’s X content to explain.

“I think the depth of supply is coming back a little bit here, but overall liquidity is still very broad.”

BTC/USD chart with trading activity data. Source: Deviation/X

Previously, Skew had highlighted rising buyer demand for the market to finally break out of the range in which it ran out of steam.

BTC price is fighting the same old range

continuousOn-chain monitoring resource Material Indicators has warned of bearish signals on its trading instruments on daily time frames.

Related: Price Analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

While it “suggests a continuation of the downtrend,” a return above $26,800 would give reason to rethink, he wrote in X’s accompanying commentary.

“Also, keep in mind that the same range we have been trading in for months remains intact until something breaks,” the report concluded.

“Until BTC makes a lower bottom on the weekly chart, do not rule out the possibility of a retest of the resistance.”

BTC/USD chart with up and down signals. Source: Physical Indicators/X

Previously, popular trader and analyst Rekt Capital suggested that Bitcoin could cross $29,000 before continuing to decline in its current range.

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

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