Bitcoin reclaimed the coveted $28,000 level on October 6, surging to highs of $28,288. However, in the subsequent days, Bitcoin struggled to sustain momentum above $28,000, hovering near the critical level but failing to surpass the $28,110 mark.

Blockchain analytics startup Santiment shed light on the recent price action, revealing that over 10,000 BTC had been moved off exchanges since September 7. This movement of tokens off exchanges could be seen as a positive sign, indicating that investors were transferring their coins to cold storage, suggesting a lack of intention to sell.

Despite the encouraging outflow from exchanges, one crucial element was lacking to further drive bullish momentum: utility. Santiment pointed out that utility played a significant role in fueling bullish movements, with on-chain activity often correlating with Bitcoin’s price increase.

However, Bitcoin’s on-chain activity presented a challenge as well. The number of unique addresses associated with Bitcoin reached a six-week low, with active addresses at 862,000, marking the lowest since August 26.

As of the latest update, BTC was down 1.21% in the last 24 hours, trading at $27,517. The crypto market faced high volatility, leading Bitcoin and other cryptocurrencies to lose ground in early Monday trading.

For Bitcoin to maintain its current position, it needs to stay above $27,000, preventing the formation of bearish momentum. If Bitcoin’s price drops below $26,700, a retest of the $26,000 mark becomes a possibility.

In the prevailing market conditions, Bitcoin’s trading range is expected to remain between $27,000 and $27,500. However, there’s a chance of reaching either $26,700 or $27,800 in negative or positive scenarios, illustrating the current uncertainty in the crypto market.