Bitcoin Bulls Maintain Pressure on $28K as Calls for Price Dip Grow

Bitcoin (BTC) experienced a period of reduced volatility on October 6 as the preparation for a possible downside in BTC price remained. The largest cryptocurrency traded within a flatter range after failing to retest the $28,000 level, with concerns emerging about potential losses.

Long and Short Positions in Balance

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained relatively stable over a 24-hour period while approaching the $28,000 mark. However, market participants expressed fresh worries, suggesting that the trend for the rest of October could be determined by whether the Daily 200MA (Moving Average) or the Daily 200EMA (Exponential Moving Average) gives in first.

Daan Crypto Trades, in a recent X post, shared a chart and commented on the increasing open interest across exchanges, which could potentially lead to a squeeze of shorts followed by longs.

Monitoring resource CoinGlass reported minimal liquidations in both long and short BTC positions on October 6, indicating a lack of significant price movements at lower levels.

Whales Show Conflicting Trading Behavior

Material Indicators, a monitoring resource, analyzed whale trading activity throughout the week and found conflicting moves among different classes of whales. While orders worth $100,000 to $1 million, which are typically the main drivers of spot price action, increased exposure, they failed to initiate a broader uptrend.

Material Indicators raised speculation about the potential liquidation of assets from defunct exchange FTX and its impact on the market.

Potential Liquidity Grab Below $27,400

Exitpump, a popular trading account, observed a potential liquidity grab being prepared below the $27,400 level on exchanges.

It is important to note that this article does not provide investment advice or recommendations. As with any investment or trading decision, there is a level of risk involved, and readers should conduct their own research.