Home Cryptocurrency Bitcoin bulls keep pressure on $28K while calls for BTC price dip grow

Bitcoin bulls keep pressure on $28K while calls for BTC price dip grow

by Harry Garcia

Bitcoin (BTC) experienced a period of reduced volatility on October 6, as the price of BTC stabilized following a failed retest of $28,000. The cryptocurrency remained in a narrow range and showed signs of pushing towards the $28,000 level. However, market participants expressed concerns over potential losses to come.

One trader, Daan Crypto Trades, highlighted a tussle between two key moving averages (MAs) on one-day timeframes. He suggested that the outcome of this battle would likely determine the trend for the rest of October. Another trader, Crypto Tony, indicated that he would close his long position and enter a short position if the support at $27,200 was lost.

Daan Crypto Trades also flagged increasing open interest (OI) across exchanges, which could lead to a short squeeze followed by a long squeeze. He advised keeping an eye on this region of the market. However, data from monitoring resource CoinGlass showed minimal liquidations in both long and short BTC positions on October 6.

Material Indicators, another monitoring resource, analyzed whale trading behavior. It noted that different groups of whales made contradictory moves, with some buying aggressively and others selling. Orders worth between $100,000 and $1 million, which often drive spot price action, showed increased exposure but failed to spark a broader uptrend. Other whales were seen net selling to the tune of nearly $60 million, leading to speculation on the potential liquidation of assets from defunct exchange FTX.

Exitpump, a popular trading account, identified a potential liquidity grab being prepared below $27,400. The analysis suggested that the price of BTC often forms a top by repeatedly testing resistance levels.

It’s important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and make informed decisions.

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