Bitcoin Shows Slight Recovery Amid Market Volatility and Predicted Resistance Retests
Summary:
On October 3, Bitcoin showed a modest rise, regaining some of its previous $1,300 loss. Despite a downward trend from a six-week peak, the market remains calm, with traders suggesting a slow upward climb would be beneficial. Noted analysts continue to track the volatile nature of Bitcoin, hinting at possible resistance retests in the coming weeks. However, further research is recommended due to the inherent risks involved in market trading.
On October 3, Bitcoin (BTC) showed a slight upward trend, offsetting some of its $1,300 loss from previous gains in the closing day's transactions. BTC price action is currently held in the area around $27,500, according to data from Cointelegraph Markets Pro and TradingView. Overall, Bitcoin trading witnessed a decline from approximately $28,600 – a six-week peak – before stabilizing after reaching the $27,335 mark.
Market players continue to remain calm in the face of the August opening trend, which was potentially a "fakeout". Noted trader Jelle commented on the situation saying that the failure of the previous day's breakout to breach the $30k mark might not be a bad thing, as rapid ascents often lead to a significant fallback. Jelle suggested that a gradual climb back to previous heights would likely serve Bitcoin bulls the best.
Trader Daan Crypto Trades resonated with this sentiment. He urged long-term investors to maintain a level-headed approach and wait for an opportunity to reintroduce their spot bid. His speculations were hinged on the forthcoming Asian trade session's sentiment.
Meanwhile, Skew, another respected trader, discussed how spot traders are dealing with the pressure to sell. This pressure led to the selloff after a failed attempt to surge past the $28.5k mark. Skew also cautioned about the liquidity still being pretty wide in spite of a minor return of bid depth.
The analytical resource Material Indicators cautioned against negative indications from its proprietary trading tools over daily timeframes. Should values cross the $26,800 threshold, it would necessitate a review, it stated as part of its commentary. It also prompted readers to keep in mind that the range has been consistent for the past several months, and any change would require something significant to transpire.
Furthermore, until Bitcoin charts a new low for the week, the possibility of retesting resistance shouldn't be neglected. Previously, noted analyst Rekt Capital hinted at the possibility of Bitcoin moving beyond the $29,000 mark before descending in its current range. However, it's crucial to note that every trading move involves some significant risk, and it's essential to conduct individual research before making any firm decisions.
Published At
10/3/2023 8:04:57 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.