Bitcoin Bulls Slip at $28,600
Bitcoin (BTC) experienced a slight increase in trading on October 3 after losing $1,300 in gains by the end of the day. The cryptocurrency fell from six-week highs near $28,600 to bounce back at $27,335 before stabilizing. Despite concerns that this upward movement was a “fakeout,” market participants remained calm. Traders like Jelle and Daan Crypto Trades expressed their belief that a slow grind back up to the highs would be the best scenario for Bitcoin bulls. Additionally, Skew, a popular trader, pointed out that spot traders were facing selling pressure, leading to the sell-off.
BTC Price Battles the Same Old Range
Material Indicators, an on-chain monitoring resource, warned of downside signals on its proprietary trading tools on daily timeframes. While it indicated a continuation of the downtrend, a return past $26,800 would warrant reconsideration. The same range that Bitcoin has been trading in for months is still intact until something breaks. Rekt Capital, another popular trader and analyst, suggested that Bitcoin could potentially surpass $29,000 before continuing lower within its current range.
Hot Take: Bitcoin Holds Steady Despite Pullback
Despite experiencing a pullback from its recent highs, Bitcoin remains resilient as it holds steady around the $27,000 level. Traders and analysts are closely monitoring the price movements and potential resistance levels to determine the next direction for Bitcoin. While some expect a slow grind back up to previous highs, others caution against getting too bullish too quickly. As Bitcoin battles within its established range, market participants are advised to remain cautious and observe key support and resistance levels for potential trading opportunities.
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