Bitcoin price goes against the market, altcoins are green
Optimism returned to the crypto ecosystem on October 1st after Bitcoin price spiked by 10%, lifting it above $47,500 and leading to the liquidation of more than $270 million in a recent short position.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is holding up momentum to get close to the key level of $50,000
Bitcoin price remains higher on October 2 after a great breakout to contrarian market sentiment. The eerie calm on BTC/USD after the sudden spike in volatility on October 1 added $3,000 in an hour.
Meanwhile, looking at buying and selling levels on major exchanges, Binance shows increased resistance starting at $48,000.
Referencing the sentiment gauge of the Crypto Fear & Greed Index, experts note that, in general, fear once again left the market thanks to the price action on October 1st.
Crypto Fear & Greed Index as of October 3 | Source: Alternative.me
The Fear & Greed Index weakened in the “Extreme Fear” zone on September 30, its score since rising from 20/100 to its current level of 54/100, described as the heart neutral principle.
Returning to market movements, in the past 24 hours, Bitcoin price leveled off, but the virtual currency market showed signs of recovery. Many of the top altcoins by capitalization continue to be in the green. Therefore, the total market capitalization still increased by 2.5% to $2,150 billion.
Read more:
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