Bitcoin investors ‘no longer fearful’. With Bitcoin price movement, sentiment has shifted from “severe dread” to “moderate fear,” with just a minor drop expected before new advances.
After an “amazing” rise in Bitcoin (BTC) on Oct. 2, market sentiment lifted.
Trader eyes $45,000 BTC price floor
After Friday’s unexpected upward volatility, which saw $3,000 gained in an hour, data on BTC/USD was peculiarly quiet.
The traditional “short squeeze” witnessed no dramatic reversal into the weekend, with Bitcoin maintaining levels above August’s closing.
According to Michael van de Poppe, the issue now is what shape a consolidation period may take in the following days.
“I believe you don’t want to see it fall that far down if we want to have any corrective move at all,” he cautioned in a YouTube post on Friday.
Van de Poppe did add, however, that he preferred a positive continuation as a conclusion to short-term market action than a further decline towards levels seen earlier in the week.
A study of the biggest exchanges’ buy and sell levels In the meanwhile, Binance has stated that incremental resistance has been installed, beginning at $48,000.
Utmost fear precedes financial potential
A crypto trader and analyst, Rekt Capital, pointed out that the price of BTC/USD has been printing higher lows for the past four months, and each of those spikes has been accompanied by strong buyer support, regardless of the rise in price.
He observed that, owing to Friday’s price movement, anxiety has once again fled the market. Citing mood measure the Crypto Fear & Greed Index.
He added, “Following BTC’s spectacular breakout move yesterday, Investors are no longer scared of Bitcoin”.
As latterly as Thursday, Fear & Greed remained stuck in its “severe fear” zone. With its score rising from 20/100 to 54/100, which is considered ” neuter” in terms of mood.