Bitcoin started the fourth quarter with a breakout after gaining more than 15% in the past 36 hours. The largest cryptocurrency in the market has broken the $ 45,000 resistance, potentially hitting higher highs in the near future.
Bitcoin enters a bull run
Bitcoin erupts. The price broke $ 48,000 this morning and appears to be heading towards $ 52,000.
BTC recently consolidated for over 6 weeks. The graph shows how the asset formed a falling wedge during the stagnation phase that began on August 19th. However, the start of the final quarter of the year may have encouraged investors to buy.
The rise in buying pressure completely stopped the downtrend, pushing Bitcoin above the upper trendline of the wedge, causing a trend reversal. A higher high is possible with the recent breakout.
Measuring the y-axis height of the wedge shows that Bitcoin is likely to rise to 15.5%. Such a bullish target would push BTC down to around $ 52,000.
Bitcoin’s price development shows USD 50,000 as a psychological resistance barrier. Price couldn’t break such a downtrend barrier all year after hitting it. Given the importance that market participants attach to this benchmark, a critical closing price above it would be a strong sign that BTC is poised to continue to bounce back.
After $ 50,000, the next key level is the target of the wedge at $ 52,000. Further buying pressure could push BTC towards the critical resistance level of $ 54,400. Breaking this price point will result in a continuation of the uptrend towards USD 100,000.
However, a $ 50,000 denial could cause BTC to drop to $ 45,000.
$ 270 million short-term order liquidated
Bitcoin rose to almost $ 48,000 in a classic “short squeeze” and liquidated over $ 270 million in crypto positions in less than an hour.
This is a familiar setup for traders. Volatility rose on signs that BTC price was recovering on Thursday, particularly as the US dollar struggled.
– Daniel Joe (@ DanielJoe916) October 1, 2021
“539 BTC shorts” bag Liquidation in 1 minute to press Bitcoin to $ 47,000. Squeeeeeeeeezed ”
So did CIO Lex Moskovski from Moskovski Capital emphasize:
“$ 270 million liquidated in 1 hour. Price increase in October “.
At the time of writing, volatility remains and BTC remains above $ 47,000 – August end.
“Bear bye bear,” wrote analyst Michaël van de Poppe answer one of many optimistic tweets from traders after the move.
The analyst Rekt Capital re demonstrate a gloomy opinion.
“Bitcoin will be tracked deep enough to convince you that the bull market is over. And then it will continue the upward trend. “
The last time Bitcoin traded at $ 47,000 was on September 19.
diagram T1 hour BTC luggage | Source: Bybt
That being said, sentiment is also positive in the major altcoin markets. Some coins have gained more than 10% in BTC terms.
Bitcoin’s dominance also increased in the new month, standing at 41.6% at press time.
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According to AZCoin News