Bitcoin investors: Amid optimism that BTC may rebound in the third quarter, this is a potential buying opportunity, especially if Bitcoin can hold $27,000.

Meanwhile, Bitcoin [BTC] dropped to its previous breakout level of $27,500, which is just around 2cm away from the daily chart liquidity zone of $27,000 – $27,200. Bitcoin’s rebound from the aforementioned key support level could work in favor of Bitcoin buyers.

Will Q3 support the rescue bulls again?

The Q3 support zone doubled with the formation of a daily bullish order block (OB) on July 13. The support zone saw strong price rallies in August and September. This begs the question, can such a support level save the bulls again in October?​

If BTC holds the $27,000 level in the next few days, the altcoin may also rebound at the lower swing area of ​​the third quarter support area mentioned above. If so, Bitcoin will have a chance to hit the first bullish target of $28,800, and the rebound target may be around 6-8%, reaching the upper position of $29,000 again.

But a rally to the second bullish target of $29,500 could result in gains of more than 10%.

However, a break below the support area and subsequent close below $27,000 will invalidate the above-mentioned bull setup. Such a sustained decline would be bearish, especially if BTC breaks below the critical support of $27,000.

At the same time, as Bitcoin’s weekly indicators RSI and OBV fall downward, and the demand for altcoins in the spot market has declined in the past few days, Bitcoin will bring greater altcoin selling pressure, which will continue to intensify in the future.

Disclaimer: The information provided does not constitute financial, investment, trading or other type of advice and represents only the opinions of the author.