CRYPTO

Traders identified $ 41K as the main support for Bitcoin to hold in the short term


Bitcoin faced another bearish pressure on September 29 as the impact of China’s crypto crackdown and uncertainty over the regulatory landscape in the United States continued to weigh heavily on Bitcoin (BTC) and some large-cap altcoins.

Data from Cointelegraph Markets Pro and TradingView showed that over $ 42,000 was lost in the early hours of the morning as prices fell near the $ 41,000 support level where bulls are now defending against further price declines.

BTC / USDT 4-hour chart. Source: Tradingview

Here’s what traders and analysts are saying about the value of Bitcoin today.

The “annoying” bitcoin market

Despite the recent volatility, market price analyst and Cointelegraph contributor Michael van de Pope called the current price action “annoying”, posting the following tweet that the price of Bitcoin is above a significant support level which he considers important.

Based on the chart above, Van de Pope suggested that Bitcoin could trade alongside the consolidation pattern for a few weeks before getting higher.

For what might excite analysts from its current volatility, Van de Pope said a price breakout above $ 43,800 would indicate that the current correction is over.

Traders expect BTC to revisit its lower support levels

According to the pseudonymous Twitter user ‘Sheldon the Sniper’, Bitcoin currently exists Support There is additional support at $ 41,160 and $ 39,000 – $ 40,000 and $ 37,00- $ 38,000.

BTC / USDT 12 hour chart. Source: Twitter

Sheldon says:

“Some weakness in BTC, stock market showing short-term support, if we lose it, the next potential area is $ 38K – 40K. I have done a lot of shopping at the moment and am just patient with the market. “

Related: Bitcoin may not yet prove the hedge of inflation, but the time may come soon

Short term bearish, long term bullish

Concerns about a possible re-test of the lower support level were echoed by crypto Twitter trader ‘Crypto_ed_nl’, who posted the following tweet citing a drop in the support level to around $ 41,250.

Highlighted by Crypto_Ad_NL, a previous tweet where the analyst said “I think we’ll make a correction when we get back to Bananas online” was a little premature and this follow-up tweet predicted that BTC could see another step down before bouncing .

This has become an earlier observation as BTC is selling at 41 41,300 at the time of writing.

Despite the recent market downturn and increasing volatility, Crypto_Ad_NL still feels that long-term estimates of high prices for BTC remain intact.

The overall cryptocurrency market cap is now 1.827 trillion and the dominance rate of Bitcoin is 42.5%.

The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.