BTC Price Threatens $60K As Bitcoin Traders Pressure ‘Bully’ Market

Bitcoin (BTC) still has a “bullish market structure” after breaking through $60,000 support, says analysis.

In one of his latest updates on X, prominent trader and analyst Rect Capital dismissed the “fearful” market sentiment on BTC's current price action.

BTC price support faces a “different narrative”.

$60,000 is not uncommon for Bitcoin as a key psychological level, and a move back up to test it is no reason for cold feet, Rekt Capital suggests.

BTC/USD is down 6% over the past three days, having previously hit a two-month high above $66,000, according to data from Cointelegraph Markets Pro and TradingView.

“BTC has revisited the low $60,000s countless times over the past several months,” X's post explained.

But people have the same fear every time back and for different reasons. Same price. A different narrative. There is never a loss in the market structure.

Rect Capital is far from alone in its confidence. Fellow trader Jelle argues that BTC/USD is still in the process of a more realistic resistance/support (R/S) reversal.

“A little red to start the quarter, and everyone's in PTSD mode,” he told X's followers.

“Meanwhile, Bitcoin's market structure is bullish again, and we're turning key S/R into support. Don't be shaken.”

Earlier, Cointelegraph reported on various BTC price forecasts calling for a drop of up to 10% – or more – below $60,000.

Entrepreneur and crypto enthusiast Mark Cullen joined that camp on October 3, advising traders to prepare for a dip around $57,000.

Part of X's post is “It's taking time, but Bitcoin still seems to be going down.”

Bitcoin's short-term holdings gauge has touched the “stack” zone

Analyzing onchain data, meanwhile, Checkmate, the anonymous creator of data source Checkchain, looked at recent price performance through the lens of Bitcoin speculation profitability.

Related: 3 Signs That Bitcoin's Q3 Close Is Bullish

This was done using the Short Holder Spent Earnings Ratio (STH-SOPR) measure, which analyzes the amount of profit made by investors on-chain. Such entities hold the funds for up to 155 days.

The STH-SOPR has now dropped below its central 1.0 value, arguably setting up a viable “buy dip” opportunity.

“If Bitcoin STH-SOPR is high… don't buy means people are taking profits and applying sell side,” Checkmate summarized.

“Conversely, in a bull market, returns to 1.0, or short sharp cuts are opportunities to line up the cheapest seats.”

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.