Bitcoin recently experienced a significant market pullback, dropping from the $87,000 range to a multi-week low of just over $82,000. The asset initially challenged the $87,000 area in late September and early October, jumping past it following a weaker-than-expected US jobs report before crashing shortly after. Although bulls attempted to push the cryptocurrency back toward that level, the market landscape shifted as BTC slumped by $2,000 in a brief window.
Market observers noted that potential catalysts behind the drop included the US government moving a portion of its crypto holdings, with some assets ending up on Coinbase. Further downward pressure occurred as bears drove the price to its lowest level in over two weeks, coinciding with reports regarding US President Donald Trump and potential geopolitical developments involving Iran.
Despite the downward movement, a popular technical indicator has signaled a possible turnaround. The TD Sequential flashed a buy signal on Bitcoin’s hourly chart as the asset tapped the $83,000 support level. Analyst Ali Martinez pointed out that this indicator previously presented a sell signal when BTC was near the $87,000 resistance on Tuesday, preceding the recent 36-hour correction.
With the indicator turning bullish at support, market participants are monitoring the charts for a potential rebound.
