Bitcoin (BTC) held higher on October 2 after a “fantastic” break in bull market sentiment.
Trader seeks minimum price of $ 45,000 BTC
The classic “short compression” saw no significant recoil on 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 period of consolidation could take in the coming days.
“If we want to make any corrective move, I think you don’t want to see it go so low,” he warned in a YouTube update 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.
“Extreme fear precedes financial opportunity”
Equally optimistic was the trader and analyst Rekt Capital, who indicated 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.
#BTC has been forming higher monthly lows for 4 months in a row now
– Rekt Capital (@rektcapital) October 2, 2021
Referring to measure the feeling Crypto Fear & Greed Index, 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 said summarized.
“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.