Back

Bitcoin (BTC) Price Analysis for October 1

Have buyers seized the short-term initiative and are ready to update the local peaks of Bitcoin (BTC)?

article image
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bulls have totally seized the initiative today as all coins from the Top 10 list are again located in the green zone. Polkadot (DOT) is the main gainer among them, rising by 6.88%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The dominance rate of Bitcoin (BTC) has gone down slightly as altcoins have become more volatile recently. In this case, the market share of the chief crypto has declined to 57.5%.

BTC’s market share
BTC’s market share

The relevant data of Bitcoin looks the following way today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $201,791,700,858

  • Price: $10,904.76

  • Volume (24h): $34,607,056,722

  • Change (24h): 1.73%

The data is relevant at press time.

BTC/USD: Can October start by breaking the $11,000 resistance?

Over the past day, the market situation has not changed. The BTC/USD pair has maintained momentum with rising lows, but buyers are not yet ready to storm the $11,000 threshold. Trading volumes do not exceed the average level and, this morning, the Bitcoin (BTC) price remains above the two-hour EMA55.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The bullish scenario yesterday is still valid, and a retest of the key resistance at $11,200 is essential to understanding whether the bull run in October can continue to new annual highs.

👉 MUST READ Bitcoin (BTC) Price Analysis for September 29related article image

Equally important is the strengthening of bears' positions, as a result of which a breakout of the psychological level of $10,000 is possible. In this case, support at $9,800 will be a buffer zone that will keep the market from falling dynamically for a while.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, quotes have broken through the neckline of the inverted head and shoulders reversal pattern. However, to confirm the development of the upward movement, it is also important to overcome the nearest maximum with price fixing above the $11,200 level. In this case, it will be possible to speak of the development of a reversal pattern with the target above $13,500. Cancellation of this scenario may signal a strong fall in the price of the asset, fixing below the level of $10,105. This will indicate a halt in the development of the reversal pattern and the potential for a further decline to the level of $9,035.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, BTC quotes remain above the support area; however, the $11,200 level has not yet been broken through. The asset price is between important marks. Neither buyers nor sellers have the strength to leave the corridor. The breakdown of the downward trend line on the RSI indicator is in favor of the beginning of price growth. As a rule, such a signal indicates the breaking of a similar line or the nearest resistance level on the price chart.

A confident breakout of the $11,200 level will indicate a continued rise to $12,495 and above. If sellers manage to push through the $10,000 level, the BTC/USD quotes may fall to the $8,000 level within the bullish 5-0 pattern. This pattern assumes a further rebound from the lower border of the ascending channel and continued growth.

Bitcoin is trading at $10,893 at press time.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]