BTC price dropped to $60,700, with a $6,000 drop from September 29 to October 3, reaching a two-week low of $59,860. Based on the intraday price action, this downtrend is likely to continue.
The recent sell-off, triggered by geopolitical tensions in the Middle East, saw the price lose key support levels: the 50-day exponential moving average (EMA) at $61,318 and the 100-day EMA at $61,438.
âBitcoin still looks like itâs headed lower,â Bitcoin analyst AlphaBTC stated in an October 3 post on X.
The analyst was referring to Bitcoinâs price action from September 29, when it pulled back from a high of $66,071, erasing some of the gains made from âfear of missing outâ buying as BTC rebounded from a local low of $52,546 on September 6.
AlphaBTC believes that with the current geopolitical situation and the weakness emerging in US economic data, Bitcoin price is likely to continue to decline.
âIn my opinion, it is better to keep some capital in case the market continues to fall further.â
Analyst Crypto Rover echoed similar sentiments, saying traders will struggle âif Bitcoin loses supportâ at $60,000.
In a previous post, AlphaBTC shared a chart that presented two scenarios for BTCâs price in the short term. The first scenario is the bullish one, in which Bitcoin confirms a double bottom structure âaround the 61.8 Fib levelâ at $61,370, sending BTC higher towards $70,000.
The second scenario is a bearish one, where the support at $60,000 is broken, pushing the price down rapidly to $58,000.
âIt is probably best not to leave limit orders on the exchange when there is a possibility of a black swan event like an escalation of tensions in the Middle East.â
With the current price action, AlphaBTC sets a short-term target for Bitcoin between $57,500 and $61,300.
Some other analysts believe that Bitcoin price could see a deeper correction, with targets between $58,000 and $52,000.
Trader Emperor Keo Xplus set a bearish target at $52,000, citing $63,000 as a key level for bulls.
Anonymous analyst Crypto Patel also agreed, saying that if the $60,000 support level is lost, the next logical step for bears is $55,000.
âIf the $60,000 support holds, we could see a rally towards $63,000. Otherwise, get ready for the next stop around $55,000.â
Data from TradingView shows that Bitcoin price action has formed a series of higher lows on the daily chart to hold above the ascending trendline. Bitcoin price needs to hold above this level to avoid further decline.
The appearance of the Doji candle on the daily chart shows the importance of the $60,000 level for both buyers and sellers.
However, if the bulls lose the battle, they could retreat to the 200-day EMA, which is considered Bitcoinâs last line of defense at $59,890.
This suggests that high demand-side liquidity from this demand zone could push BTC price above the resistance of the 100-day and 50-day EMAs, ending the current sell-off.
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