Bitcoin (BTC) held higher on October 2 after a “fantastic” break in market sentiment to the upside.
BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView
Trader seeks minimum price of $ 45,000 BTC
Data from Cointelegraph Markets Pro and TradingView followed the eerie calm in BTC / USD after the sudden bullish volatility on Friday saw $ 3,000 added in an hour.
The classic “short squeeze” did not see any significant pullbacks over the weekend, with Bitcoin holding levels above the August close.
For Cointelegraph contributor Michaël van de Poppe, it was now a question of what form a consolidation period could take in the coming days.
“If we want to take any corrective action, I think you don’t want to see it go that far down,” he warned in a YouTube update on Friday.
“I think the deepest you want to see it go is this level of around $ 45,000.”
Nonetheless, Van de Poppe added that he was in favor of the bullish continuation as a conclusion to short-term price action rather than a deeper decline towards earlier week levels.
Meanwhile, a look at the buy and sell levels on major exchange Binance revealed incremental resistance in place starting at $ 48,000.
BTC / USD (Binance) buy / sell levels on Oct 2. Source: Material indicators
“Extreme fear precedes financial opportunity”
Equally bullish was trader and analyst Rekt Capital, who noted that BTC / USD had been posting higher lows for four months, all of which had had strong buyer support despite the price rising each time.
Related: ‘Say Hello to Uptober’: Bitcoin Price Rises Above $ 47K in Minutes, Liquidating $ 270M in Shorts
#BTC has been forming higher monthly lows for 4 months in a row
Month by month, investors are more and more happy to buy $ BTC in pullbacks at ever higher prices #Crypto #Bitcoin
– Rekt Capital (@rektcapital) October 2, 2021
Referring to the sentiment indicator for the Crypto Fear & Greed Index, he noted that overall fear had left the market once again thanks to Friday’s price action.
“Following the fantastic BTC breakout move yesterday… investors are no longer afraid of Bitcoin,” he summed up.
“Extreme Fear Precedes Financial Opportunity”.
Fear & Greed languished in its “extreme fear” zone as recently as Thursday, its score since rising from 20/100 to current levels of 54/100, described as “neutral” for sentiment.
Crypto Fear & Greed Index as of October 2. Source: Alternative.me