{"id":51748,"date":"2024-10-04T01:55:00","date_gmt":"2024-10-04T01:55:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-traders-stress-bullish-market-btc-price-60k"},"modified":"2024-10-04T04:14:16","modified_gmt":"2024-10-04T04:14:16","slug":"bitcoin-traders-stress-bullish-market-while-btc-price-threatens-60k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51748","title":{"rendered":"Bitcoin traders stress 'bullish' market while BTC price threatens $60K"},"content":{"rendered":"

Bitcoin (BTC) still has a \u201cbullish market structure\u201d after another retest of $60,000 support, analysis says.<\/p>\n

In one of his latest updates on X, popular trader and analyst Rekt Capital dismissed \u201cfearful\u201d market sentiment over current BTC price action.<\/p>\n

BTC price support faces \u201cdifferent narrative\u201d<\/h2>\n

Bitcoin is no stranger to $60,000 as a key psychological level, and returning to test it from above is no reason for cold feet, Rekt Capital suggests.<\/p>\n

BTC\/USD has dropped by around 6% over the past three days, previously hitting two-month highs above $66,000, per data from Cointelegraph Markets Pro and TradingView.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cBTC has revisited the low $60,000s countless times over the past several months,\u201d the X post explained.<\/p>\n

\u201cAnd yet people become equally fearful on a pullback and for a different reason every time. Same price. Different narrative. Never a loss in bullish market structure.\u201d<\/p><\/blockquote>\n

Rekt Capital is far from alone in his confident sentiment. Fellow trader Jelle argues that BTC\/USD is still in the process of a more substantial resistance\/support (R\/S) flip.<\/p>\n

\u201cA bit of red to start the quarter, and everyone is in full-on PTSD mode,\u201d he told X followers.<\/p>\n

\u201cMeanwhile, Bitcoin’s market structure is bullish again, and we’re turning key S\/R back into support. Don’t get shaken out.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD chart. Source: Jelle\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Previously, Cointelegraph reported on various bearish BTC price predictions calling for a drop of up to 10% \u2014 or more \u2014 below $60,000 should it give way.<\/p>\n

Entrepreneur and crypto enthusiast Mark Cullen joined that camp on Oct. 3, advising traders to prepare for a potential dip to around $57,000.<\/p>\n

\u201cIts taking time, but Bitcoin\u00a0 still appears to be heading lower,\u201d part of an X post concluded.<\/p>\n

\"\"
BTC\/USD chart. Source: Mark Cullen\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin short-term holder metric hits \u201cstack\u201d zone<\/h2>\n

Analyzing onchain data, meanwhile, Checkmate, the pseudonymous creator of data resource Checkonchain, viewed recent price performance through the lens of profit-taking by Bitcoin speculators.<\/p>\n

Related: <\/strong><\/em>3 signs that Bitcoin\u2019s Q3 close was bullish<\/strong><\/em><\/p>\n

This was conducted using the short-term holder spent output profit ratio (STH-SOPR) metric, which analyzes the proportion of funds in profit when moved onchain by speculators. Such entities are those hodling the funds involved for up to 155 days.<\/p>\n

STH-SOPR has now dipped below its center 1.0 value, arguably setting up a viable \u201cbuy the dip\u201d opportunity.<\/p>\n

\u201cIf Bitcoin STH-SOPR is high…don’t buy, it means folks are taking profit and applying sell-side,\u201d Checkmate summarized.<\/p>\n

\u201cConversely, in a bull market, dips back to 1.0, or preferably short sharp undercuts of it are opportunities to stack the cheapest sats.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin STH-SOPR chart. Source: Checkmate\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

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Bitcoin (BTC) still has a \u201cbullish market structure\u201d after another retest of $60,000 support, analysis says. In one of his latest updates on X, popular trader and analyst Rekt Capital dismissed \u201cfearful\u201d market sentiment over … Bitcoin traders stress 'bullish' market while BTC price threatens $60K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51752,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin traders stress 'bullish' market while BTC price threatens $60K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51748\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin traders stress 'bullish' market while BTC price threatens $60K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) still has a \u201cbullish market structure\u201d after another retest of $60,000 support, analysis says. 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