Bitcoin investors ‘no longer fearful’ — watch this BTC price level next
Bitcoin (BTC) stayed better on Oct. 2 after a “tremendous” smash to the upside upended marketplace sentiment.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader eyes $45,000 BTC fee floor
Data from Cointelegraph Markets Pro and TradingView observed eerie calm on BTC/USD after Friday’s surprising upside volatility noticed $3,000 brought in an hour.
The classic “brief squeeze” noticed no good sized pushback into the weekend, with Bitcoin keeping tiers above the August close.
For Cointelegraph contributor Michaël van de Poppe, it turned into now a query of what shape a consolidation duration should take withinside the coming days.
“If we need to get any corrective flow at all, I assume you do not need to look it move that some distance down,” he warned in a YouTube replace Friday.
Van de Poppe despite the fact that brought that he preferred bullish continuation as the belief to brief-time period fee movement as opposed to a deeper drop toward tiers from in advance withinside the week.
A examine purchase and promote tiers on principal trade Binance in the meantime discovered incremental resistance in location starting at $48,000.
BTC/USD purchase/ promote tiers (Binance) on Oct. 2. Source: Material Indicators
“Extreme worry precedes economic opportunity”
Equally constructive turned into dealer and analyst Rekt Capital, who mentioned that BTC/USD have been printing better lows for 4 months, all of which had visible robust customer guide no matter the fee growing every time.
Related: ‘Say hello to Uptober’ — Bitcoin fee surges above $47K in minutes, liquidating $270M in shorts
Referencing sentiment gauge the Crypto Fear & Greed Index, he mentioned that overall, worry had over again left the marketplace way to Friday’s fee movement.
“Following BTC’s tremendous breakout flow yesterday… Investors are now not anxious toward Bitcoin,” he summarized.
Fear & Greed turned into languishing in its “intense worry” area as lately as Thursday, its rating considering the fact that growing from 20/one hundred to contemporary tiers of 54/one hundred, defined as “neutral” for sentiment.