Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%
The price of Bitcoin (BTC) reached a six-week high but later faced selling pressure, causing the price support to give way. Despite this temporary setback, Bitcoin continues to trade within its classic range, characterized by fluctuations and trading activity. The cryptocurrency market's dynamics involve both buyers and sellers, leading to price movements within this established trading range.
David Becker 
Bitcoin (BTC) traded moderately higher on October 3 but retraced $1,300 of its gains as it approached the daily close. The BTC price action was focused on the $27,500 level after reaching six-week highs near $28,600.
While some market participants were cautious about the potential for a "fakeout" in the October opening move, others remained calm. They highlighted that a gradual ascent back to the highs would be a favorable scenario for Bitcoin bulls.
Analysis of the price reversal indicated that spot traders faced selling pressure, leading to the sell-off after an attempt to push higher around $28.5K.
The market remained within the same trading range that it had been for months, and on-chain indicators suggested potential downside signals. However, a return past $26,800 could lead to a reevaluation of the trend.
Overall, the cryptocurrency market continues to exhibit its characteristic volatility and trading activity, with traders closely monitoring price movements and potential breakout opportunities.
