Bitcoin under Pressure: BTC May Lose $60,000, Blame Speculators And STHs?

Bitcoin is down in the past 24 hours and bearish since it remains inside the September 30 and October 1 bear range. Technically, sellers are in control in the short term, but buyers are in charge from a top-down preview. If there is a reversal from spot rates, the more traders will be relieved. However, should there be losses, extending losses of the first part of the week; Bitcoin may not only sink below $60,000 but drop towards $50,000. Triggers will depend on fundamental factors, including inflow to spot Bitcoin ETFs, geopolitical factors, and general trader sentiment.

Over the last day, the world’s most valuable coin remains stable but is down 4% in the previous week. At the same time, there is a slight dip in engagement, falling to $40 billion. As long as prices remain above $60,000, buyers have a chance.

Traders are keeping tabs on the following Bitcoin news events:

• After weeks of lower lows, Glassnode data has established that Bitcoin recently printed out a series of higher highs. Despite the recent weaknesses, this is bullish and may stymie losses, setting the foundation for even more gains.
• One analyst has established that the trouble facing bulls currently is the surge in the number of short-term holders (STHs). Bulls can easily rise from spot rates if their supply falls by 80,000 BTC, breaking $70,000.

Bitcoin Price Analysis

BTC/USD is down at press time.

The September range defines the short to medium-term trend.

Bulls must recover and close above $66,000 or September highs for the uptrend to remain. This move will allow risk-off traders to consider longs, targeting $74,000.

However, aggressive risk-on traders can load the dips even with losses, targeting $66,000.

If there are worrying losses below $60,000 and later $56,500, the upside momentum would likely lose steam, triggering a sell-off.