On October 2nd, Bitcoin (BTC) remained at the levels it had conquered the day before after a “fantastic” breakout that reversed market sentiment.
Trader advances $ 45,000 as a minimum for the BTC price
Data from Cointelegraph Markets Pro and TradingView follows the eerie calm in BTC / USD following sudden bullish volatility that added $ 3,000 to the price in an hour on Friday.
The classic “short squeeze” did not face significant pressure over the weekend, and Bitcoin held levels above the August close.
For Cointelegraph collaborator Michaël van de Poppe, it is now necessary to understand what form the consolidation period will take in the coming days.
“In case of any corrective movement, I believe it shouldn’t go down that much,He warned in an update on YouTube on Friday.
“I think the lowest level to touch is around $ 45,000.”
However, Van de Poppe added that he favors a bullish continuation as a conclusion to the price action in the near term, rather than a deeper decline towards the levels of the past days.
A look at the buy and sell orders on the large Binance exchange reveals stronger and stronger resistance starting at $ 48,000.
“Extreme fear precedes financial opportunity”
The same optimism was shared by the trader and analyst Rekt Capital, who has reported that BTC / USD has been hitting rising lows for four months, all of which have seen strong buying support despite the price hike.
Related: Bitcoin returns to $ 47,000 in minutes, liquidated short for $ 270 million
“BTC has hit rising monthly lows for 4 straight months, investors are willing to buy BTC during corrections at higher and higher prices.”
#BTC has been forming Monthly Higher Lows for 4 months straight now
– Rekt Capital (@rektcapital) October 2, 2021
Mentioning the Crypto Fear & Greed Index sentiment meter, he signaled that overall fear left the market again thanks to Friday’s price action.
“Following BTC’s Fantastic Breakout Yesterday… Investors Are No Longer Scared About Bitcoin,” summed up.
“Extreme fear precedes financial opportunity.”
Until Thursday, Fear & Greed was fully in the “extreme fear” zone, but thereafter the score increased from 20/100 to the current level of 54/100, described as “neutral” for sentiment.