Bitcoin (BTC) traded moderately higher on Oct. 3 after giving back $1,300 of gains into the daily close.
Bitcoin bulls slip at $28,600
The pair unwound overnight, descending from six-week highs near $28,600 to bounce at $27,335 before stabilizing.
Despite the risk of the October opening move becoming a form of “fakeout,” market participants kept their cool.
“Yesterday’s breakout did not instantly send us to $30k. I consider this a good thing, because those vertical moves often retrace,” popular trader Jelle wrote in part of an X reaction.
Daan Crypto Trades likewise argued that a “slow grind back up to the highs” would be the best scenario for Bitcoin bulls.
“Need longs to chill out and spot bid to step back in for this to happen. Let’s see if the Asia session is bullish again or not,” he added about trader behavior.
Analyzing the conditions around the BTC price reversal, meanwhile, popular trader Skew highlighted spot traders facing selling pressure.
“Spot takers did try to push higher around $28.5K & were sold into -> led to the sell off,” part of the day’s X content explained.
“Bid depth is returning a bit here I think, however overall liquidity still remains pretty wide.”
Previously, Skew had highlighted the increased demands on buyers in order for the market to pass the range in which it ultimately ran out of steam.
BTC price battles the same old range
Continuing, on-chain monitoring resource Material Indicators warned over downside signals on its proprietary trading tools on daily timeframes.
While “indicating a continuation of the down trend,” a return past $26,800 would give cause for a rethink, it wrote in accompanying X commentary.
“Also, keep in mind, the exact same range we’ve been trading in for months is still intact until something breaks,” it concluded.
“Until BTC prints a lower low on the Weekly chart, don’t rule out the possibility of retesting resistance.”
Previously, popular trader and analyst Rekt Capital had suggested that Bitcoin could even head beyond $29,000 before continuing lower in 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.