Bitcoin held its price higher on Oct. 2 after a "spectacular" upside break upended market sentiment.
BTC/USD 1-hour candle chart (Bitstamp) Source: TradingView
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD suddenly rose on October 1, rising by $3,000 within an hour, and then performed unusually calmly.
The classic “short squeeze” saw no significant pullback over the weekend, with Bitcoin holding above its August close.
According to Cointelegraph contributor Michaël van de Poppe, the question now is what form the consolidation period in the coming days might take.
"If we want to see any correction, I don't think you want to see it correct too much," he warned in an Oct. 1 YouTube update.
“I think the lowest you want it to correct is around $45,000.”
However, Van de Poppe added that he prefers to view the bullish continuation as the end of the short-term price action rather than a further pullback towards levels seen earlier in the week.
Meanwhile, looking at the buy and sell levels on major exchange Binance, we see increasing resistance from $48,000.
BTC/USD bid/ask levels (Binance) on October 2. Source: Material Indicators
Equally bullish was trader and analyst Rekt Capital, who noted that BTC/USD has seen four consecutive months of higher lows, and all of those lows have seen strong buying even though the price has risen each time. home support.
BTC has formed monthly higher lows for 4 consecutive months
Every month, investors are more willing to buy Bitcoin on the retracement at higher and higher prices
— Rekt Capital (@rektcapital) October 2, 2021
Citing the Crypto Fear and Greed Index sentiment indicator, he noted that overall, fear has left the market again due to the October 1 price action.
He concluded: “Following BTC’s stunning breakout yesterday…investors are no longer afraid of Bitcoin.”
"Extreme fear precedes financial opportunity."
As recently as September 30, the Fear and Greed Index was still hovering in the "Extreme Fear" zone, with readings rising from 20/100 to a current "Neutral" sentiment of 54/100.
Crypto Fear and Greed Index as of October 2 Source: Alternative
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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