On October 3rd, Bitcoin exhibited moderate gains, rebounding from a recent dip of $1,300 as it approached the daily closing mark.
BTC’s price action revolved around the $27,500 mark, having experienced a descent from its six-week peak near $28,600, eventually finding support at $27,335 before stabilizing.
Despite the potential for the initial October breakout to be a deceptive “fakeout,” market participants remained composed.
Renowned trader Jelle expressed optimism, noting that the absence of an instant surge to $30,000 following the breakout could be seen as a positive sign, as rapid vertical movements often lead to retracements.
Daan Crypto Trades shared a similar sentiment, emphasizing the importance of a gradual climb back to previous highs for Bitcoin bulls.
He pointed out that it was essential for long traders to remain patient and wait for opportune entry points, especially during the Asian trading session.
Examining the factors contributing to the BTC price reversal, popular trader Skew highlighted the selling pressure faced by spot traders, which hindered BTC from surging beyond the $28.5K mark and ultimately triggered the sell-off.
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While some bid depth appeared to be returning, overall liquidity in the market remained relatively wide.
Previously, Skew had emphasized the increasing demands from buyers required to surpass the existing trading range, which eventually resulted in a lack of upward momentum.
Additionally, on-chain monitoring resource Material Indicators issued caution regarding downside signals on its proprietary trading tools, particularly on daily timeframes.
While these signals suggested a potential continuation of the downtrend, a decisive move above $26,800 might warrant a reconsideration.
The report also reminded readers that the cryptocurrency market had been trading within the same range for several months, emphasizing that until Bitcoin records a lower low on the weekly chart, the possibility of retesting resistance should not be ruled out.
Prior to this, renowned trader and analyst Rekt Capital had offered an optimistic perspective, suggesting that Bitcoin could potentially surge beyond $29,000 before resuming its current trading range.
Overall, Bitcoin’s price movements continued to captivate the attention of traders and analysts alike as they assessed its short-term and long-term potential.
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