Bitcoin Traders Advocate For A Gradual Recovery Following BTC’s Decline From A Six-Week High

Oct. 4, 2023
Bitcoin Traders Advocate For A Gradual Recovery Following BTC’s Decline From A Six-Week High

Bitcoin (BTC) experienced a slight uptick in trading on Oct. 3 after giving back about $1,300 of its gains. Data from Cointelegraph Markets Pro and TradingView indicates that BTC price action is currently around $27,500.

Bitcoin Price

Bitcoin fell from six-week highs of $28,600 to $27,335 before stabilizing. Despite the possibility of a “fakeout,” market players kept their cool.

Popular trader Jelle stated on X (formerly Twitter):

“Yesterday’s breakout did not instantly send us to $30k. I consider this a good thing, because those vertical moves often retrace.”

Daan Crypto Trades also asserted that a “slow grind back up to the highs” would represent the best scenario for BTC bulls. He advised long-term investors to stay composed and patiently await an opportunity to re-enter their spot bids. Notably, his speculations were based on the next Asian trade session’s sentiment.

Furthermore, popular trader Skew highlighted that spot traders are dealing with the selling pressure. This pressure led to a sell-off after BTC failed to cross the $28.5k mark.

Skew further added:

“Bid depth is returning a bit here I think, however overall liquidity still remains pretty wide.”

Bitcoin Struggles To Surpass The Same Old Price

The analytical resource Material Indicators cautioned over downside signals on its proprietary trading tools on daily timeframes. However, a return above $26,800 could lead to a reconsideration of the bearish outlook. 

It emphasized that Bitcoin would remain in the same trading range that it has been in for months until there is a clear breakout. Moreover, until Bitcoin prints a lower low on the Weekly chart, the possibility of retesting resistance shouldn’t be ignored.

Rekt Capital, a well-known trader and analyst, previously suggested that Bitcoin might surpass the $29,000 mark before descending from its current range.

Historically, the fourth quarter has consistently shown positive performance for BTC and the broader crypto markets. Bitcoin has seen a 67% increase in value this year, representing a partial rebound from a substantial downturn in 2022. According to the data gathered by Bloomberg, Bitcoin has, on average, witnessed a 24% rise in October over the past ten years. Bitcoin’s dominance in the US crypto trading environment is rising, according to Kaiko, accounting for 71% of trade volumes on American exchanges in September. 

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.