The Bitcoin (BTC) bull faced new doubts about the strength of its bull run in October as analysts looked at the possible reversal of Wednesday’s brief pressure.
Funding rate in the red zone
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it was close to $ 54,000 after failing to establish support at 55 55,000.
The previous day saw a sudden surge of 55 55,700 for Bitcoin, which was accompanied by great buying pressure.
As the rate of funding on the exchanges reverses positively, Thursday’s concerns may be the focus of attention which could be less of an opposition move.
The fact that the fund rate is too positive suggests that the market is expecting more reversals and significant value long BTC. In such a situation, a greater uncertainty of position may accelerate and intensify a downward move, if it is initiated.
The Crypto Fear and Greed Index hits 76/100 per day, representing extreme greed
“Investors are very greedy for BTC right now,” said businessman and analyst Rect Capital. Be careful.
Preparation for profit
At one point, below the all-time high of $ 10,000, Bitcoin faces additional price resistance levels of $ 58,000, $ 60,000 and much more on its way back to price discovery.
Related: Price hike: Do whales face Bitcoin Future ETF approval?
As Cointelegraph reports, October is expected to close just below the highs, while November may return to lower levels before the current record is removed in late December.
Nonetheless, long-term market participants are already advising on an exit strategy this week, including John Bollinger, creator of the popular Bollinger Bands Trading Index.
Achieving the second goal, $ BTCUSD. Upper BB is expanding with assembly. Keep trailing stops like bibstops or chandeliers. All clear for now, but start looking for a top / exit sign. I stopped for a few weeks of traveling. Good trading! # Bitcoin
– John Bollinger (bandbbands) October 5, 2021
Bollinger Bands track the upward and downward volatility of assets and are currently indicating that a calm situation should prevail. When the bands are narrow, instability follows.
Altcoins, meanwhile, are not expected to provide fixed cycle profits until next year.