Bitcoin Bulls Slip at $28,600
Bitcoin (BTC) experienced a moderate increase in trading on October 3rd after giving back $1,300 of gains leading up to the daily close. BTC price action focused on $27,500 as the pair descended from six-week highs near $28,600.
Traders Stay Calm Despite Risk of 'Fakeout'
Market participants remained calm despite the risk of the October opening move being a "fakeout." Traders expressed satisfaction that the breakout did not immediately send Bitcoin to $30k, as these vertical moves often retrace.
"Slow Grind Back Up to the Highs" Preferred by Bitcoin Bulls
Bitcoin bulls are hoping for a gradual climb back up to the highs. They believe that longs need to calm down and bid needs to step back in for this to happen.
Selling Pressure from Spot Traders
Spot traders were seen facing selling pressure as they attempted to push the price higher around $28.5k. This led to a sell-off and Bitcoin's descent.
BTC Battles Same Old Range
On-chain monitoring resource Material Indicators warned of downside signals on its proprietary trading tools on daily timeframes. This indicates a continuation of the downtrend. However, a return past $26,800 could lead to a reevaluation.
Bitcoin Could Extend Beyond $29k Before Continuing Lower
Popular trader and analyst, Rekt Capital, suggested that Bitcoin might even exceed $29,000 before continuing to decrease within its current range.
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.
