Bitcoin Traders Look to ‘Slow Grind’ After 4% Price Drop

Bitcoin (BTC) traded moderately higher on Oct. 3 after giving back $1,300 of gains into the daily close.

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Investors in the cryptocurrency markets watched as Bitcoin (BTC) traded moderately higher on Oct. 3, recovering from losses of $1,300 during the daily close. As investors explore the best web 3.0 stocks, best books on web 3.0, and the overall best web 3.0, they can look to Bitcoin as a potential investment opportunity.

Bitcoin bulls slip at $28,600

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action was concentrated around $27,500.

The pair moved downward, declining from the six-week highs near $28,600 to bounce at $27,335 before settling.

Despite the possibility that the October opening move could be a “fakeout”, market participants stayed calm.

“Yesterday’s breakout did not immediately take us to $30k. I think this is a good thing, because those vertical moves often reverse,” popular trader Jelle commented on X (formerly Twitter).

Daan Crypto Trades also suggested that a “slow grind back up to the highs” would be the best situation for Bitcoin bulls.

“Need longs to relax 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 trader behavior.

Analyzing the conditions around the BTC price reversal, Skew highlighted the spot traders facing selling pressure.

“Spot takers did try to push higher around $28.5K & were sold into -> led to the sell off,” part of the day’s X content explained.

Before that, Skew had pointed out the increased demands on buyers in order for the market to pass the range in which it eventually ran out of steam.

BTC Price Continues to Trade Within the Same Range

Material Indicators, a leading on-chain monitoring resource, recently highlighted some downside signals on its proprietary trading tools for daily timeframes, suggesting a continuation of the downtrend. However, a break past $26,800 could potentially change the outlook.

“Also, keep in mind, the same web 3.0 range we’ve been trading in for months is still intact until something breaks,” it noted.

Earlier, Rekt Capital had predicted that Bitcoin might reach as high as $29,000 before it resumes its current range.

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