On October 3rd, Bitcoin displayed a modest rebound, recovering from a recent dip of $1,300 as it approached the daily closing point.
Bitcoin’s price revolved around the $27,500 mark, having dipped from its six-week high near $28,600 before finding support at $27,335 and stabilizing.
Despite the potential for the initial October breakout to be a “fakeout,” market participants remained calm.
Experienced trader Jelle expressed optimism, suggesting that the absence of an immediate surge to $30,000 following the breakout could be seen as a positive sign. Rapid upward movements often lead to pullbacks.
A crypto trader shared a similar perspective, emphasizing the importance of a gradual climb back to previous highs for Bitcoin bulls.
He pointed out that patience was crucial for long traders, especially during the Asian trading session, as they waited for favorable entry points.
Looking at the factors contributing to the BTC price reversal, well-known trader Skew highlighted the selling pressure faced by spot traders. This pressure prevented BTC from surging beyond the $28.5K mark and ultimately triggered the sell-off.
While some bid depth started to return, overall market liquidity remained relatively wide.