Bitcoin

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  BTC price support gives in to sellers at six-week highs, but Bitcoin remains in its classic trading range. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) traded moderately higher on Oct. 3 after giving back $1,300 of gains into the daily close.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/10/03/37258a7662f34ea8df38976d035548eb.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart. Source: TradingView</em> 
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 <h2 id="bitcoin-bulls-slip-at-28-600">Bitcoin bulls slip at $28,600</h2> 
 <p>Data from Cointelegraph Markets Pro and TradingView showed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action focusing on $27,500.</p> 
 <p>The pair unwound overnight, descending from six-week highs near $28,600 to bounce at $27,335 before stabilizing.</p> 
 <p>Despite the risk of the October opening move becoming a form of “fakeout,” market participants kept their cool.</p> 
 <p>“Yesterday's breakout did not instantly send us to $30k. I consider this a good thing, because those vertical moves often retrace,” popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Jelle wrote in part of an X reaction.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/10/03/6910fe8255b97231e950618cac4cbf0c.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Jelle/X</em> 
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 <p>Daan Crypto Trades likewise argued that a “slow grind back up to the highs” would be the best scenario for Bitcoin bulls.</p> 
 <p>“Need longs to chill out and spot bid to step back in for this to happen. Let's see if the Asia session is bullish again or not,” he added about <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> behavior.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/10/03/3d757729751c1d0195f5e6ae5dbd0569.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Daan Crypto Trades/X</em> 
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 <p>Analyzing the conditions around the BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> reversal, meanwhile, popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Skew highlighted spot <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s facing selling pressure.</p> 
 <p>“Spot takers did try to push higher around $28.5K &amp; were sold into -&gt; led to the sell off,” part of the day’s X content explained. </p> 
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   “Bid depth is returning a bit here I think, however overall liquidity still remains pretty wide.” 
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  <img src="https://cdn.thebittimes.com/images/2023/10/03/286a2f295ba419a225adfc132999af2a.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD chart with trading activity data. Source: Skew/X</em> 
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 <p>Previously, Skew had highlighted the increased demands on buyers in order for the market to pass the range in which it ultimately ran out of steam.</p> 
 <h2 id="btc-price-battles-the-same-old-range">BTC price battles the same old range</h2> 
 <p>Continuing, on-chain monitoring resource Material Indicators warned over downside signals on its proprietary trading tools on daily timeframes.</p> 
 <p><strong><em>Related:&nbsp;Price analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON</em></strong></p> 
 <p>While “indicating a continuation of the down trend,” a return past $26,800 would give cause for a rethink, it wrote in accompanying X commentary.</p> 
 <p>“Also, keep in mind, the exact same range we’ve been trading in for months is still intact until something breaks,” it concluded.</p> 
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   “Until BTC prints a lower low on the Weekly chart, don’t rule out the possibility of retesting resistance.” 
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  <img src="https://cdn.thebittimes.com/images/2023/10/03/e73d9bc9ad2f4fec35634baf7e482a3d.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD chart with up and down signals. Source: Material Indicators/X</em> 
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 <p>Previously, popular trader and analyst Rekt Capital had suggested that Bitcoin could even head beyond $29,000 before continuing lower in its current range.</p> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-traders-demand-slow-grind-up-after-btc-price-drops-over-4-tbt64902.html">https://thebittimes.com/bitcoin-traders-demand-slow-grind-up-after-btc-price-drops-over-4-tbt64902.html</a></p>

Bitcoin traders demand 'slow grind' up after BTC price drops over 4%

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