On October 3, Bitcoin (BTC) rose modestly after giving back $1,300 of its gains at the daily close. According to Cointelegraph Markets Pro and TradingView data, BTC price action is concentrated above $27,500.
"Yesterday's breakout did not immediately send us to $30,000. I see this as a good thing considering such vertical moves often pull back," popular trader Jelle said.
Daan Crypto Trades argued that the best scenario for Bitcoin bulls would be a "slow return to higher levels."
On the other hand, popular trader Skew, while analyzing the conditions around the BTC price drop, emphasized that spot traders are facing selling pressure.
Previously, Skew had noted that demand on buyers had increased to move past the range where the market started to evaporate.
Finally, on-chain tracking resource Material Indicators warned of bearish signals on specific trading instruments on daily time frames. “While it indicates a continuation of the downtrend, a return to $26,800 would be cause for rethinking,” he said.
"Yesterday's breakout did not immediately send us to $30,000. I see this as a good thing considering such vertical moves often pull back," popular trader Jelle said.
Daan Crypto Trades argued that the best scenario for Bitcoin bulls would be a "slow return to higher levels."
On the other hand, popular trader Skew, while analyzing the conditions around the BTC price drop, emphasized that spot traders are facing selling pressure.
Previously, Skew had noted that demand on buyers had increased to move past the range where the market started to evaporate.
Finally, on-chain tracking resource Material Indicators warned of bearish signals on specific trading instruments on daily time frames. “While it indicates a continuation of the downtrend, a return to $26,800 would be cause for rethinking,” he said.