Bitcoin (BTC) remains higher on October 2nd after a “fantastic” breakout in bullish market sentiment.
Traders are keeping an eye on the minimum BTC price of $ 45,000
Cointelegraph Markets Pro and TradingView data traced an eerie calm in BTC / USD after adding $ 3,000 in one hour’s sudden surge in volatility on Friday.
The classic “short squeeze” did not see a noticeable reaction at the end of the week, with Bitcoin conserving itself above the August closing price.
For Cointelegraph employee Michaël van de Poppe the question now arises as to what the consolidation might look like in the coming days.
“In my opinion, if we want to make corrections, it shouldn’t go too far,” he warned in a YouTube update on Friday.
“I think the deepest thing you want to see is about $ 45,000.”
However, Van de Poppe added that he advocates a continuation of the uptrend as a conclusion to the short-term price action rather than a deeper decline from levels seen earlier in the week.
Meanwhile, a look at the buy and sell levels on the major exchange, Binance, reveals heightened resistance above $ 48,000.
“Extreme fear of financial opportunities”
The trader and analyst Rekt Capital is just as optimistic Note that BTC / USD has printed four month higher lows that have received strong buyer support each time despite the price spike.
Related: ‘Hello to Uptober’ – Bitcoin price soars above $ 47,000 in minutes, liquidating $ 270M in a short amount of time
#BTC a monthly amount is established for 4 consecutive months
– Rekt Capital (@rektcapital) October 2, 2021
Regarding sentiment evaluating the Crypto Fear & Greed Index, he noted that fear has generally left the market thanks to Friday’s price action.
“After the amazing BTC eruption yesterday … investors are no longer afraid of Bitcoin,” he said. summary.
“Extreme fear precedes financial opportunities.”
Fear & Greed languished in the “extreme fear” zone on Thursday, since rising from 20/100 to the current level of 54/100, which is described as “neutral” to affectionate.