Bullish Bitcoin Traders Turn Sideways and Target New BTC Lows Below $60K

Bitcoin (BTC) fell by $6,000 between September 29 and October 3, reaching a two-week low of $59,860, and based on internal price action, it looks like the decline will continue.

The latest sell-off triggered by geopolitical tensions in the Middle East saw the price lose key support levels at the 50-day Exponential Moving Average (EMA) at $61,318 and the 100-day EMA at $61,438.

“#Bitcoin still looks bearish,” Bitcoin analyst AlphaBTC announced in an October 3 post on X.

The analyst cited Bitcoin's price action since September 29, when it rebounded from a high of $66,071, while BTC recovered from a low of around $52,546 from September 6, revising some of the findings from “FOMO buying.”

Alphabetic said that given the developments in geopolitics and weakness in US economic data, the price of Bitcoin could fall further.

“In my opinion, it's better to dry some power for more drainage.”

Fellow analyst Crypto Rover shared similar sentiments, noting that Bitcoin traders would be in a bad situation if “Bitcoin loses this support” at the $60,000 level.

In an earlier post, AlphaBTC shared a chart showing two scenarios of where the price of BTC could go in the short term. The first is a bullish issue where Bitcoin confirms a double bottom structure at $61,370 “around the 61.8 Fib level”. This will see BTC make a V-shaped retracement to $70,000.

The second is a bearish scenario involving a break through support at $60,000, and the price quickly drops to $58,000.

“With the possibility of further black swan-like expansion in the Middle East, it is best not to leave limit orders on the exchange.”

Based on the current price action, AlphaBTC sets its short-term target for Bitcoin between $57,500 and $61,300.

Other analysts believe that the price of Bitcoin will see deep corrections, setting targets between $58,000 and $52,000.

Independent trader Emperor Keo Xplus has set his downside target at $52,000, saying $63,000 is a useful level for bulls.

Anonymous analyst Crypto Patel shared the same sentiment, saying that if support at $60,000 is lost, the next logical move for the bears would be $55,000.

Now, if it holds the $60k support, we could see a move higher towards $63,000. If not, prepare for the next stop, about $55,000.

Related: BTC Price Threatens $60K As Bitcoin Traders Pressure ‘Bully' Market

The 200-day EMA provides the last line of defense for the price of Bitcoin

Data from Cointelegraph Markets Pro and TradingView show that Bitcoin price action has formed a series of highs and lows on the daily chart (see below) to stay above the uptrend line. Bitcoin price will need to hold above this level to prevent it from sinking deeper.

The appearance of a doji candle on the daily chart shows the importance of the $60,000 level for both buyers and sellers.

However, if the bulls lose the ongoing battle, they could retreat to the 200-day exponential moving average (EMA), which appears to be the last line of defense for Bitcoin at $59,890.

This suggests that significant demand-side liquidity from this interest zone could push BTC price past the resistance provided by the 100-day and 50-day EMAs, ending the current sell-off.

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.