The price of Bitcoin did stay pretty high on the 2nd of October after it witnessed quite a fantastic break on its upward movement. This helped upend the entire market sentiment that was associated with the cryptocurrency.
Trader eyes $45,000 Bitcoin price floor
According to data that was taken from TradingView and Cointelegraph Markets Pro, it can be seen that there was something really eerie with the exchange of BTC/USD after the sudden upside volatility on the 1st of October- which saw close to $3,000 being added under an hour. This short squeeze was pretty classic- as it saw no significant pushback throughout the weekend, as Bitcoin started preserving its levels above the August close.
Michael van de Poppe, a crypto contributor for Cointelegraph, has stated that it is simply a question of what variant of consolidation period would be in the waterworks in the next few days. In a YouTube update, he warned that if investors were to get any corrective move at all for Bitcoin, no one would want it to go that far down.
The analyst also stated that he favored a far more bullish continuation as the conclusion to short-term price action rather than a far steeper drop towards levels that were seen in the early part of the week. One simply needs to take a look at the sell and buy levels on Binance- a major crypto exchange would reveal some incremental resistance that took place at the price level of $48,000.
Rekt Capital, trader, and analyst was also pretty optimistic about the chance of Bitcoin, as he noted that the exchange of BTC/USD was printing far higher lows over the last four months- most of which had been witnessing some very strong buyer support even though the price rose every single time.