Bitcoin still maintains a “bullish market structure” after another retest of the $60,000 support level, according to recent analysis.
Trader and analyst Rekt Capital dismissed the “fearful” market sentiment surrounding the current price action of BTC, which is at $60,779.26, in one of his latest updates on X.
Rekt Capital emphasized that Bitcoin is familiar with the $60,000 mark as a fundamental psychological level, stating that returning to test it from above is no reason for concern.
Bitcoin (BTC/USD) has experienced a drop of approximately 6% over the past three days, having previously reached two-month highs above $66,000, according to data from Cointelegraph Markets Pro and TradingView.
“BTC has revisited the low $60,000s countless times over the past several months,” the X post noted.
“And 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.”
Rekt Capital’s confident sentiment is echoed by fellow trader Jelle, who stated that BTC/USD is still undergoing a significant resistance/support (R/S) flip.
“A bit of red to start the quarter, and everyone is in full-on PTSD mode,” he remarked to his X followers.
“Meanwhile, Bitcoin’s market structure is bullish again, and we’re turning key S/R back into support. Don’t get shaken out.”
Previously, Cointelegraph reported on bearish BTC price predictions that suggested a drop of up to 10% or more below $60,000 if that level gives way.
Entrepreneur and crypto enthusiast Mark Cullen joined the bearish camp on October 3, advising traders to prepare for a potential dip to around $57,000.
“It’s taking time, but Bitcoin still appears to be heading lower,” his X post concluded.
Analyzing on-chain data, Checkmate, the pseudonymous creator of data resource Checkonchain, assessed recent price performance in light of profit-taking by Bitcoin speculators.
This analysis utilized the short-term holder spent output profit ratio (STH-SOPR) metric, which examines the proportion of funds in profit when moved on-chain by speculators.
STH-SOPR has dipped below its center value of 1.0, potentially creating a viable “buy the dip” opportunity.
“If Bitcoin STH-SOPR is high… don’t buy, it means folks are taking profit and applying sell-side,” Checkmate stated.
“Conversely, in a bull market, dips back to 1.0, or preferably short sharp undercuts of it are opportunities to stack the cheapest sats.”
