Bitcoin Traders Want To ‘Slow Grind’ After BTC Price Drops Over 4%
Bitcoin (BTC) traded slightly higher on October 3 after retracing its daily close of $1,300.
Bitcoin bulls slide at $28,600
Data from Cointelegraph Markets Pro and TradingView showed BTC price action focused on $27,500.
The pair wound up overnight, falling from 6-week highs of $28,600 before settling back to as high as $27,335.
Although there was a risk of the October opening movement being a “fake”, market participants were cold.
“Yesterday's incident did not immediately send us about $30,000. I consider this a good thing, because those vertical moves usually backfire,” wrote popular trader Jelle in a response to X (formerly Twitter).
Daan CryptoTrades similarly argued that a “gradual return to highs” would be the best scenario for Bitcoin bulls.
“We're eager to get a bid to slow down and get back in to make that happen. Let's see if the Asian session is bullish again or not,” he added on trader behaviour.
Analyzing the conditions surrounding BTC's price reversal, popular trader Skew highlights traders facing selling pressure.
“Spot movers tried to raise to $28.5K and sold -> led to the sell,” explained part of X's content for the day.
I think the bidding depth is coming back a bit, but overall liquidity is still very wide.
In the past, Skew has highlighted the increasing interest in buyers to cross the range where the market has finally run out of steam.
The price of BTC is fighting in the same old range
Subsequently, on-chain monitoring input material indicators warned of negative signals on the proprietary trading instruments on daily time frames.
Related: Price Analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
“While the downward trend continues,” the $26,800 past return would be cause for reconsideration, X wrote in an opinion piece.
“Also note, the actual range we've been trading in for months is still intact until something breaks,” he concluded.
“Until BTC prints a lower low on the weekly chart, don't take the chance of retesting resistance.”
Earlier, prominent trader and analyst Rect Capital suggested that Bitcoin could head above $29,000 before bottoming out in its current range.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
