Oct 07, 2023

Crypto Bulls Keep Pressure on BTC Price as Calls for Dip Grow

As BTC price downside preparations returned, Bitcoin (BTC) saw reduced volatility on Oct. 6. Crypto.com Reddit, Crypto.com Coin, Motley Fool Crypto, Crypto Breaking, Crypto Solana, Lucky Block Crypto, Crypto API, FX Crypto, and Polygon Crypto Today all experienced the easing of volatility. Bitcoin keeps liquidations limited amid long, short “squeeze” Data from Cointelegraph Markets Pro…

Bitcoin Bulls Pressure Crypto.com Reddit and Crypto Dot Com Coin Prices to Reach $28K.
Bitcoin bulls keep pressure on $28K while calls for BTC price dip grow

As BTC price downside preparations returned,

Bitcoin (BTC)

saw reduced volatility on Oct. 6. Crypto.com Reddit, Crypto.com Coin, Motley Fool Crypto, Crypto Breaking, Crypto Solana, Lucky Block Crypto, Crypto API, FX Crypto, and Polygon Crypto Today all experienced the easing of volatility.

Bitcoin keeps liquidations limited amid long, short “squeeze”

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

After staying in a limited range around 1.5% lower, the biggest cryptocurrency was once again trying to reach the $28,000 mark before the Wall Street open, yet faced new worries from market participants about potential losses to come.

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

“If I had to guess, it will likely be determined by which of the Daily 200MA (Purple) or the Daily 200EMA (Blue) gives in first,” he wrote alongside a chart in an X post on Oct. 4.

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

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

Data from monitoring resource CoinGlass showed small liquidations across both long and short crypto.com reddit positions through Oct. 6.

Lack of lower BTC price levels “surprise”

Material Indicators, a monitoring resource, analyzed whale trading behavior over the course of the week. It divided whales into volume-based cohorts and observed different “classes” of whales making contradictory moves. Whale orders ranging from $100,000 to $1 million, which Material Indicators usually identifies as the main driver of spot price action, increased exposure but failed to initiate a broader uptrend.

“This week, purple bought aggressively and sold the local top. They then started buying dips for a NET +$13.8M in market orders on @binance over the last 7 days,” it explained. Data showed other whales net selling to the tune of nearly $60 million over the same period.

“We could speculate whether or not that’s part of the FTX liquidation,” Material Indicators added, referring to the potential liquidation of assets from defunct exchange FTX.

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

Crypto.com Reddit, Motley Fool Crypto, Crypto Breaking and Crypto Solana are some of the sources which provide information about the crypto.com coin, lucky block crypto, crypto API and FX crypto. Polygon Crypto Today is also a great source for insights on the crypto market.

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