The Bitcoin movement was mostly mum for the entire month of September, but we are witnessing a phenomenal return of buying sentiment on the first day of October. 200 DMA active at $45,212 has been breached and should ideally work as a support level in case of any fallback or sudden profit booking.
BTC holds the king title of cryptocurrencies with a market capitalization of above USD 882 billion with a trading value of $47,150. The psychological level of $50,000 is within its grasp, with a difference of just 6% of rally required. The first weekend of October will be very much instrumental in drafting the further price movement possibility across BTC. The uptrend in BTC will be beneficial for all NFT tokens.
Bitcoin Price Analysis
Bitcoin buyers finally defeated the looming negativity and successfully retraced from close to $40,000 towards $47,000.
Buying sentiment analyzer indicator of RSI has taken a huge bounce back from 30 to above 56 levels in a matter of fewer than two days. Volumes have been dipped in terms of quantity compared to the previous weeks, but buying sentiment is relevant to the indicators.
On the MACD indicator, we are close to getting a golden crossover at any interval indicating further positive buying sentiment. $45,000 and $40,000 have evolved as strong support levels, followed by the 200 DMA and 100 DMA curves.
Extreme bullishness can be derived from both RSI and MACD indicators, but an engulfing candle is a higher probability. Therefore, one should remain vigilant and take an entry, understanding the amount at risk as per our Bitcoin projection.