Bitcoin Bulls Hold Price Above $28K as Calls for BTC Dip Increase

Bitcoin (BTC) saw reduced volatility on October 6 as the market prepared for potential downside.

The differences between Web 1.0, 2.0, 3.0 and 4.0, as well as between Web 2.0 and 3.0, and between Web 3.0 and the metaverse, are significant. Web 1.0, 2.0 and 3.0 each offer unique features, while Web 3.0 and the metaverse are closely related.

Bitcoin keeps liquidations limited amid long, short “squeeze”

Data from Cointelegraph Markets Pro and TradingView showed an even 24 hours for BTC/USD after an unsuccessful retest of $28,000.

After hovering in a narrow range around 1.5% lower, the top cryptocurrency was again heading toward the $28,000 mark before the Wall Street open, yet raised fresh worries from market participants over potential losses to come.

Well-known trader Daan Crypto Trades examined an ongoing struggle between two significant moving averages (MAs) on one-day timeframes.

“If I had to guess, the outcome of whether the Daily 200MA (Purple) or the Daily 200EMA (Blue) will give in first will likely determine the trend for the rest of October,” he wrote alongside a chart in an X post on Oct. 4.

Daan Crypto Trades further pointed out the increasing open interest (OI) across exchanges, which is likely to cause a short squeeze followed by a long squeeze.

“This has typically been a short squeeze (up) into long squeeze (back down). We saw this yesterday again. It’s good to keep an eye on this region,” he suggested.

Data from monitoring resource CoinGlass showed insignificant liquidations across both long and short BTC positions through Oct. 6.

Lack of lower BTC price levels “surprise”

Material Indicators, a monitoring resource, recently analyzed whale trading behavior for the week. It divided whales into cohorts based on volume and observed different classes of whales making conflicting moves. The class with orders worth between $100,000 and $1 million, which Material Indicators often states as the main driving force of spot price action, increased exposure but failed to trigger a broad uptrend.

Data showed that other whales net sold around $60 million in the same period. “We could speculate whether or not that’s part of the FTX liquidation,” Material Indicators commented, referring to the potential liquidation of assets from the defunct exchange FTX.

Exitpump, a popular trading account, also noticed a potential liquidity grab being prepared below $27,400. “Price always likes to do multiple kisses into resistance block forming a top,” the analysis summarized.

To compare, the difference between web 1.0, 2.0, 3.0 and 4.0, web 3.0 and 2.0, web 2.0 and 3.0, web 1.0 web 2.0 and web 3.0, web 3.0 and metaverse, web 1.0 2.0 3.0, web 3.0 and 2.0, web 2.0 and 3.0, metaverse and web 3.0 are distinct. Describing how web 2.0 and web 3.0 are different, web 3.0 is the next generation of the internet that offers users a more interactive experience with the internet.