Bitcoin (BTC) edged higher on October 3, giving up $1,300 gains by the close.
Bitcoin Bulls Drop to $28,600
Data comes from Cointelegraph Markets Pro and trading view It shows that BTC price action is concentrated at $27,500.
The pair retreated overnight, falling from a six-week high near $28,600 before rebounding to $27,335 before stabilizing.
Despite the potential for October’s opening move to be a “false breakout,” market participants remain calm.
“Yesterday’s breakout didn’t immediately get us to $30,000. I think that’s a good thing because these vertical moves often retrace,” popular trader Jeller wrote Part of the X reaction.
Daan Crypto Trading Same argument For Bitcoin bulls, a “slow rise back to the highs” would be the best-case scenario.
“It will take bulls to calm down and spot bids to step back in for this to happen. Let’s see if the Asian session is bullish again,” he added of trader behavior.
Meanwhile, popular trader Skew analyzed the situation of BTC price reversal, highlighting that spot traders are facing selling pressure.
“Spot takers did try to push up around $28,500 and got sold -> leading to a sell-off,” part of the day’s X content explained.
“I think bidding depth has picked up a bit, but overall liquidity is still quite high.”
Previously, Skew had highlighted increasing buyer demand in order for the market to break out of a range where it eventually ran out of steam.
Bitcoin price remains consistent with old range
continueon-chain monitoring resource Material Indicators warned of downward signals within the daily timeframe of its proprietary trading tool.
Related: Price Analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
It wrote in the accompanying
“Also, keep in mind that the exact same range we have been trading in for months remains intact until a breakout occurs,” it concluded.
“A retest of resistance cannot be ruled out before Bitcoin sets lower lows on the weekly chart.”
Previously, well-known trader and analyst Rekt Capital had said that Bitcoin may even break through $29,000 before continuing lower within the current range.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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