Bitway [BTW] Tests Resistance Following Recent Volatility and 43% Rally

Bitway [BTW], the native token of the Bitcoin-compatible Layer 1 blockchain, recorded significant gains earlier in the week. On Monday, the altcoin rallied 43% within a 10-hour window, moving from a low of $0.91 to $1.31. This upward movement partially recovered losses from a weekend correction of 49.2%, which had seen the token drop from $1.72 to $0.86.

Market observers noted that the conclusion of the Binance Wallet's Bitway Booster Season 5 on October 2nd likely contributed to the wave of profit-taking observed over the weekend. Broader capital flows into smaller altcoins and shifting market sentiment also influenced BTW's recent activity.

On the daily timeframe, the local resistance zone of $0.77 from August and mid-September was overcome and successfully retested as a demand zone. The Accumulation/Distribution (A/D) indicator continued to trend upward despite the correction. While selling volume remained relatively low compared to buying activity in July and August, analysts noted that trading volume will need to increase to sustain the broader rally. To the upside, the $1.99 Fibonacci extension level serves as a subsequent price target now that the $0.81–$1.0 demand zone has defended its status as support.

Despite a bullish higher-timeframe bias, the recent weekend correction shifted the lower-timeframe trend downward. BTW was trading just below the $1.30 supply zone at the 50% retracement level of the recent correction. Market participants observed that a potential rally toward the $1.53 resistance could form part of a short-term bearish setup, with some traders maintaining a bearish bias and watching for a dip toward $0.87–$0.81.

Separately, a broader market dip saw Bitcoin briefly decline to $83,600, triggering $552 million in liquidations globally—$482 million of which were long positions. Despite the wider market-wide price drop, BTW showed resilience with minimal downward reaction to the event.