Bitcoin Bulls Have Kept Pressure On A Price Range Of $28K


Bitcoin eased into a period of volatility on the 6th of October, as the price downside of the cryptocurrency returned with myriad preparations. According to data retrieved from Cointelegraph Markets Pro and TradingView, it was understood that the exchange would be undergoing a flatter 24 hours after it failed the retest of $28,000.

After moving about a narrow range around 1.5% lower, the largest cryptocurrency was pushed toward the mark of $28,000 ahead of the Wall Street open, and yet fielded multiple and fresh concerns from market participants over a bunch of losses that were about to come. Daan Crypto Trades, a popular trader, went on to eye the ongoing tussle between the two extremely key moving averages on one-day timeframes. Alongside a post made on X on the 4th of October, he wrote that the trend will be determined by the 200MA or the 200 EMA. 

Bitcoin Whales Could Be Looking At Some Downtime

Daan Crypto Trades also went on to flag increasing open interest across exchanges, which was quite apt as it allowed one to squeeze a series of shorts, which were followed by longs. He suggested that there was usually a short squeeze which was then followed by a long squeeze.

According to data retrieved from monitoring resource CoinGlass, it was understood that the liquidations were quite negligible across both the long, as well as short Bitcoin positions throughout the 6th of October. Material Indicators, a monitoring resource, also turned its attention to the whale behavior of trading- over the course of the week. After dividing whales into cohorts based on volume, it ended up showing different classes of whales that were making contradictory moves. 

Data also showed the Bitcoin whales not selling to the tune of around $60 million over the exact period of time. Material Indicators also added that one could speculate whether or not that was going to be a part of the FTX liquidation.