Despite the current bearish sentiment and technical indicators suggesting potential further declines, the recent level of liquidations in long positions in the Bitcoin futures market indicates a reduction in selling pressure. On October 1, over 4,000 BTC longs were liquidated, marking the second largest liquidation event of 2024, according to CryptoQuant data. Historically, such significant liquidation events often establish local bottoms, paving the way for short-term recovery. While the price is expected to remain within the current range in the short term, monitoring buying strength will be crucial for any potential rebound.