Bitcoin Traders Seek a ‘Slow Grind’ Up as BTC Price Drops Over 4%

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22 Jan 2024

Introduction:

Bitcoin’s price took a dip of over 4% on October 3rd, causing concern among traders. While this drop marked a setback from recent gains, it still fell within Bitcoin’s typical trading range. In this blog post, we will delve into the recent price movements and the sentiments of various traders in the crypto market.
BTC/USD 1-hour chart. Source: TradingView

Bitcoin Bulls Face Resistance at $28,600:

Bitcoin, represented as BTC, experienced a moderate decline in price, shedding $1,300 from its recent gains. Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price was centered around $27,500. The cryptocurrency had recently reached six-week highs at nearly $28,600 before retracing to $27,335 and stabilizing.
BTC/USD annotated chart. Source: Jelle/X

Traders Maintain Composure:

Despite the drop, market participants remained relatively calm. Popular trader Jelle expressed a positive outlook, emphasizing that quick vertical moves often experience retracements. This suggests that a more gradual increase might be healthier for Bitcoin’s price.
Daan Crypto Trades shared a similar sentiment, stating that a “slow grind back up to the highs” would be the ideal scenario for Bitcoin bulls. However, this would require long-term investors to stay patient and look for opportunities to enter the market.
BTC/USD annotated chart. Source: Daan Crypto Trades/X

Selling Pressure from Spot Traders:

Trader Skew noted that spot traders faced selling pressure when Bitcoin approached the $28.5K mark, contributing to the price decline. Although there were signs of a return in bid depth, overall liquidity remained wide.
BTC/USD chart with trading activity data. Source: Skew/X

BTC Price Battles in Familiar Range:

Material Indicators, an on-chain monitoring resource, warned of downside signals on daily timeframes. While hinting at a continuation of the downtrend, it mentioned that a return past $26,800 might warrant a reconsideration. It also highlighted that Bitcoin had been trading within the same range for months, and a significant breakout had yet to occur.

Analyst Rekt Capital’s Perspective:

Well-known trader and analyst Rekt Capital suggested that Bitcoin could potentially surpass $29,000 before revisiting lower levels within its established range.
BTC/USD chart with up and down signals. Source: Material Indicators/X

Conclusion:

Bitcoin’s recent price drop has sparked discussions among traders, with many preferring a gradual climb to higher levels. The cryptocurrency market remains characterized by its typical trading range, and traders are closely monitoring key support and resistance levels. As Bitcoin continues its journey, the crypto community will eagerly await further developments.
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Written by Shantanu Gupta

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