Bitcoin bulls keep pressure on $28K while calls for BTC price dip grow
Bitcoin (BTC) eased volatility into Oct. 6 as BTC price downside preparations returned.
Data from Cointelegraph Markets Pro and TradingView covered a flatter 24 hours for BTC/USD after a failed retest of $28,000.
After lingering in a narrow range around 1.5% lower, the largest cryptocurrency was again pushing toward the $28,000 mark ahead of the Wall Street open, yet fielded fresh concerns from market participants over potential losses to come.
$BTC / $USD - Update
I remain just in my long from $26,000 for now, but will be closing that and entering a short if we lose $27,200 support below us. Alerts are set and i am on standby pic.twitter.com/mcS9Zcp5zN
Popular trader Daan Crypto Trades eyed an ongoing tussle between two key moving averages (MAs) on one-day timeframes.
“Whether the Daily 200MA (Purple) or the Daily 200EMA (Blue) gives in first, will likely determine the trend for the rest of October if I had to guess,” he wrote alongside a chart in an X post on Oct. 4.
Daan Crypto Trades subsequently flagged increasing open interest (OI) across exchanges, this apt to cause a squeeze of shorts followed by longs, respectively.
“This has usually been a short squeeze (up) into long squeeze (back down). We saw this yesterday again. Good to keep an eye on this region,” he suggested.
#Bitcoin Open Interest hit the 8.7-9.1B region again where we've recently seen a lot of squeezes occur.
This has usually been a short squeeze (up) into long squeeze (back down).
We saw this yesterday again.
Good to keep an eye on this region. pic.twitter.com/yojcBHSGzk
Data from monitoring resource CoinGlass showed negligible liquidations across both long and short BTC positions through Oct. 6.
Monitoring resource Material Indicators meanwhile turned its
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