According to Cointelegraph, Bitcoin's chart structure has not yet entered the bullish zone, and it may take longer to retest the historical high of $73,679. Analyst Willy Woo said that Bitcoin's medium-term structure has turned from bearish to neutral and is trying to be bullish, but the historical high will take time.

Woo pointed out that Bitcoin’s short-term structure shows that the next one to three weeks may be a cooling period before the next bullish attempt. He believes that there will be no major rises in October and is bullish in the long term.

According to TradingView data, the Bitcoin price is $61,243 at the time of publication, down 3.98% since October 1 and 4.72% over the past seven days.

The Bitcoin price drop was linked to the Iranian missile attack on Israel on October 1. Local reports indicated that Israeli air defenses shot down most of the incoming missiles.

Meanwhile, the Crypto Fear & Greed Index dropped eight points to the “fear” zone with a score of 42, from the “greed” zone seven days ago.

Crypto trader Rekt Capital noted that while Bitcoin has fallen to the low $60,000 range multiple times, each pullback has sparked fear for different reasons. The most recent 4% pullback resulted in the liquidation of approximately $128.49 million in long positions.

Bitcoin rose 25% in 21 days, reaching $66,331 on September 27, before falling back to around $60,000 over the next four days. Trader Peter Brandt explained that the recent Bitcoin rally did not break the 7-month sequence of lower highs and lower lows. Only a close above $71,000 and a new high would confirm that the trend is continuing.