Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

alt HD: Bitcoin witnesses HTF accumulation but short-term bearish pressure, what could transpire next this month?

• Bitcoin’s rejection at $28.5k saw it slump below the $27k support
• The short-term lack of demand could see losses spiral further

Bitcoin’s [BTC] fall below the $27k mark on 11 October did not faze the bulls. Instead, a large number of traders opted to go long in a bold show of conviction. The leverage ratio of the king coin also saw an increase over the past few days.

Read Bitcoin’s [BTC] Price Prediction 2023-24

A recent price report of Bitcoin from AMBCrypto highlighted the importance of the $27k level as well as the impact that the September CPI data could have. The support level was lost in the past 24 hours, and leveraged traders can not dig BTC out of this bearish pit by themselves.

A drop to the range lows could present a buying opportunity

The daily timeframe chart showed BTC has a bullish structure, with the recent higher low at $25,990. A session close below that mark would shift the structure, but the presence of the bullish order block and the range low could see Bitcoin recover.

Yet, at the time of writing, more losses looked likely. The lower timeframes showed strong

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Author: Akashnath S

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