Traders identify $ 41,000 as critical support that Bitcoin needs to hold in the short term
While traders remain bullish over the long term, they are warning that Bitcoin will need to hold onto the $ 41,000 support to avoid falling to the lower support of $ 38,000.
Declining pressure on Bitcoin to hold until September 29 after Chinese authorities took unanimous action against the cryptocurrency and uncertainty over the regulatory landscape in the US continued to weigh on Bitcoin and some large-cap altcoins.
Bitcoin is currently trying to rally to $ 43,000 but will have to overcome some resistance to restore the uptrend.
Bitcoin price chart 4 hours | Source: TradingView
Here’s What Traders and Analysts Are Saying About Bitcoin Price
The Bitcoin market is “boring”
Despite the recent volatility, analyst Michaël van de Poppe regards the current price movement as “boring”. He stressed that Bitcoin price remains above key support levels.
Pretty boring market up here #Bitcoin.
I would prefer to see a breaker above $ 43.8K to conclude that we are done with the correction.
However, holds crucial support. pic.twitter.com/oPx4mVFqdg
– Michaël van de Poppe (@CryptoMichNL) September 29, 2021
I would like to see a break above $ 43,800 to conclude that a correction has been completed.
But there is still important support. “
Based on the graph above, van de Poppe suggests that Bitcoin could trade sideways in a consolidation pattern for a few more weeks before moving higher.
As for Bitcoin to get out of the current turmoil, van de Poppe said a break above $ 43,800 would signal the current correction is over.
Traders expect Bitcoin to retest lower support levels
According to Twitter user Sheldon the Sniper, Bitcoin is currently supported at $ 41,160, with additional support levels in the $ 39,000-40,000 and $ 37,000-38,000 regions.
Equity markets show weakness, short-term support $ BTC if we lose it, next possible zone
38K – 40K, I’ve made a lot of purchases right now and I’m just patient with the market pic.twitter.com/PUz3lfGaTN
– Sheldon the sniper (@Sheldon_Sniper) September 28, 2021
“The stock market is showing some weakness, if Bitcoin loses short-term support, the next potential support would be between $ 38,000 and $ 40,000, right now I’ve bought a lot and just have to be patient with the market.”
Short-term down, long-term up
“Crypto_Ed_NL” repeated concerns about a possible retesting of lower support levels. He stated that Bitcoin could fall to the support near $ 41,250.
– Crypto_Ed_NL (@Crypto_Ed_NL) September 29, 2021
Hmm, I went overboard.
Signs that Bitcoin will fall harder before the ricochet
The overall picture remains unchanged. “
Despite the recent market downturn and increased volatility, Crypto_Ed_NL still believes that Bitcoin’s long-term uptrend remains intact.
The total capitalization of the crypto market is currently $ 1,827 billion and the dominance of bitcoin is 42.5%.
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According to Cointelegraph