Bitcoin (BTC) experienced a moderate increase in value on October 3rd, following a retracement of $1,300 from its daily close. The digital currency reached a six-week high near $28,600 before declining to $27,335 and stabilizing at that level. Despite the potential for a false breakout, market participants remained calm.
Popular traders Jelle and Daan Crypto Trades expressed their belief that a gradual climb back to the highs would be the best scenario for Bitcoin bulls. They emphasized the need for longs to relax and for bid orders to be reinstated. Another popular trader, Skew, pointed out that spot traders faced selling pressure, leading to the sell-off. However, bid depth was starting to recover, although liquidity remained wide.
Previously, Skew had highlighted the increased demand required for the market to surpass the range in which it eventually ran out of steam. On-chain monitoring resource Material Indicators warned of downside signals on its trading tools on daily timeframes, indicating a possible continuation of the downtrend. However, a return past $26,800 would necessitate reevaluation. The article also noted that the range in which Bitcoin has been trading for months is still intact until there is a breakthrough.
Rekt Capital, another well-known trader and analyst, suggested that Bitcoin could surpass $29,000 before experiencing further declines within its current range. This indicates that there is still potential for upward movement despite the recent retracement.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions should be made after conducting independent research and considering the associated risks.
As Bitcoin continues to make headlines and attract attention from investors, it serves as a reminder of the importance of preserving such moments in history. Mint.Cointelegraph.com allows readers to collect articles as NFTs, not only preserving these moments but also showing support for independent journalism in the crypto space.
In conclusion, while Bitcoin experienced a retracement in its value, there is still potential for upward movement. Traders and investors are advised to closely monitor the market, conduct their own research, and make informed decisions.