Bitcoin traders highlight ‘bullish’ market, BTC price threatens $60,000.

The analysis shows that Bitcoin remains in a “bullish market structure” after once again retesting the $60,000 support.

In one of his latest updates on

BTC price support faces a “different narrative”

Rekt Capital said Bitcoin is no stranger to $60,000 as a fundamental psychological level and there is no reason to be cool about returning to test it above.

BTC/USD has fallen about 6% over the past three days and previously hit a two-month high above $66,000, according to data from Cointelegraph Markets Pro and TradingView.

XPost said, “BTC has revisited the low $60,000 range numerous times over the past few months.”

“But people are equally afraid of a downturn, each time for different reasons. Same price. Another story. “In an optimistic market structure, there is never a loss.”

Rekt Capital is not alone in this belief. Fellow trader Jelle said BTC/USD is still experiencing a more substantial resistance/support (R/S) reversal.

“There’s a bit of chaos at the start of the quarter and everyone is in PTSD mode,” he told

“Meanwhile, Bitcoin’s market structure is looking strong again and we are seeing major S/Rs shift back to support. “Don’t be shaken.”

Previously, Cointelegraph reported on various bearish BTC price predictions, with a decline expected to result in a drop of up to 10% or more below $60,000.

Entrepreneur and cryptocurrency enthusiast Mark Cullen joined this camp on October 3, advising traders to prepare for a possible decline to around $57,000.

“It will take time, but Bitcoin still appears to be on a downward trend,” the

Bitcoin Short Holder Indicator Reaches “Stack” Zone

Meanwhile, Checkmate, the anonymous creator of data resource Checkonchain, has been analyzing on-chain data, looking at recent price performance through the lens of profit-taking by Bitcoin speculators.

relevant: 3 Signs Bitcoin’s Q3 Close Is Bullish

This was done using the Short Holder Consumption Output Profit Ratio (STH-SOPR) indicator, which analyzes the proportion of money earned by speculators as they move on-chain. These entities are entities that hold the funds involved for up to 155 days.

STH-SOPR has fallen below the median of 1.0, perhaps setting up a viable “buy the dip” opportunity.

“If Bitcoin STH-SOPR is high… don’t buy, it means people are taking profits and applying the sell side,” Checkmate said.

“Conversely, in a bull market, a drop back to 1.0, or preferably a short sharp undercut, is the opportunity to build up the cheapest SAT.”

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research before making any decisions.