Bitcoin (BTC) still has a “bullish market structure” after another retest of $60,000 support, analysis says.
In one of his latest updates on X, popular trader and analyst Rekt Capital dismissed “fearful” market sentiment over current BTC price action.
BTC price support faces “different narrative”
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.
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.
BTC/USD 1-hour chart. Source: TradingView
“BTC has revisited the low $60,000s countless times over the past several months,” the X post explained.
“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 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.
“A bit of red to start the quarter, and everyone is in full-on PTSD mode,” he told 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.”
BTC/USD chart. Source: Jelle/X
Previously, Cointelegraph reported on various bearish BTC price predictions calling for a drop of up to 10% — or more — below $60,000 should it give way.
Entrepreneur and crypto enthusiast Mark Cullen joined that camp on Oct. 3, advising traders to prepare for a potential dip to around $57,000.
“Its taking time, but Bitcoin still appears to be heading lower,” part of an X post concluded.
BTC/USD chart. Source: Mark Cullen/X
Bitcoin short-term holder metric hits “stack” zone
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.
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.
STH-SOPR has now dipped below its center 1.0 value, arguably setting up 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 summarized.
“Conversely, in a bull market, dips back to 1.0, or preferably short sharp undercuts of it are opportunities to stack the cheapest sats.”
Bitcoin STH-SOPR chart. Source: Checkmate/X
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.
