Bitcoin Price Analysis on October 2: Consolidation After Fixing Above $ 8,000

The Neironix forecast came true: there was a slight correction, which has led to flat. However, the hourly timeframe did not record changes of indicators. 

In its turn, the daily one showed that RSI is still in the oversold zone. That`s why the growth may be expected in the coming days.

But such development of events will be possible only when BTC price will pass the zone of $ 8,990—$ 9,120. This is the key level, which was previously a level of support and resistance. Furthermore, the reversal trend will be possible only after its passage.

The moving average EMA50 continues to decline to EMA200. Although now this movement has slowed down, but the direction remains the same. Notice that earlier the intersection of these moving averages led to long phases of the bearish sentiment. 

Cryptocurrency Market Capitalization and Altcoins

The total market capitalization fell by $5 billion and now is $220 billion. The trading volume has increased slightly, compared to the previous day, — to $51 billion. At the same time, the dominance of bitcoin has increased insignificantly — to 67,7%.

It indicates that the altcoin market has fallen more than bitcoin in percentage terms. In addition, 80% of Top-100 coins showed a decrease relative to dollar. And it was headed by Nash Exchange token, the rate of which has decreased by 15,3%. The next is Algorand, which fell on 9,93%.

This time the growth leader is Crypterium, which added 15,3% to its value. This token has increased during last months, so its capitalization has been changed from $13 million to $51 million. Moreover, this project was included to the list of Top-100 coins by capitalization, because of 400% growth.

Mining Industry News and Market Forecasts

Yesterday it became known about the fire, which happened on one of the largest mining farms in China, owned by Innosillicon. The total amount of losses is about $10 million. At the same time, the crypto community noticed  5% decrease of bitcoin hashrate, to 84 EH/s, and associated this fact with mentioned fire.

Neironix does not forecast bitcoin. If you need fresh forecasts of the rate, consult a specialist.