BTW Bitway Token Rises by 43% After Strong Correction

On October 5, the BTW token of the Bitway blockchain showed an impressive 43% increase in just 10 hours. It rose from $0.91 to $1.31. This growth occurred after a significant 49.2% correction, during which the price fell from $1.72 to $0.86 over the weekend. According to analysts, the reason for this growth could be the completion of the fifth season of Bitway Booster in Binance Wallet on October 2, which triggered a wave of profit-taking last weekend. Additionally, the flow of capital into lesser-known altcoins and the corresponding shift in sentiment also contributed to the bullish movement of BTW.

On the daily interval chart, a local resistance level at $0.77 was breached, which was previously tested in August and mid-September, now considered a demand zone. Despite the correction, the token maintains an upward trend, although last week the price dropped below $1. The A/D indicator continues to rise despite the correction. The sales volume remains relatively low compared to the buying volumes of July and August, but there is some concern that trading volume needs to increase to continue the rally. The next target upwards is the Fibonacci extension level of $1.99, after the demand zone of 0.81-1.00 was tested and held as support. According to data, $552 million were liquidated in the market over 24 hours, with $482 million accounted for by long positions when Bitcoin temporarily fell to $83.6 thousand. Interestingly, the BTW token hardly reacted to this overall price decline.

While broader time frame analysis indicates bullish sentiment, the weekend correction shifted the trend to bearish on a shorter scale. At the time of writing, BTW was trading just below the supply zone at $1.30, which corresponds to the 50% retracement level from the recent correction. It is expected that a rally to $1.53 could be part of a short-term bearish movement. Traders may maintain a bearish outlook until the price drops to the 0.87-0.81 zone before a potential buy. Thus, despite a strong 43% rise following a significant correction, the short-term price trend remains bearish until the price surpasses the $1.53 level.