Bitcoin price decline is “strong buying”, but the closing price of $50,000 is still the key

The bulls flex their muscles on October 4th, Bitcoin (Bitcoin) The price rose within the $500 range of the $50,000 mark. This move towards key psychological resistance helped to pull the cryptocurrency fear and greed index from the “fear” zone and enter a “neutral” state on October 4.

Crypto Fear and Greed Index.Source: Alternative

In recent weeks, as China and other countries have stepped up their efforts to crack down on cryptocurrencies, the price movements of top cryptocurrencies have intensified volatility. Former CIA agent Edward Snowden stated that this move “It just makes Bitcoin stronger.

Data from Cointelegraph Markets Pro with Transaction view After the bears’ early morning attack pushed BTC down to a low of 46,863, the bulls arrived with reinforcements and pushed the price above the $49,200 support/resistance (S/R) area. They are now fighting for control.

BTC/USDT 4-hour chart. Source: TradingView

Here is how traders and analysts view current price movements and what will happen next as the BTC price approaches $50,000.

48,700 USD is the main resistance level

According to cryptocurrency analyst and anonymous Twitter user Rekt Capital, traders have shown an eagerness to buy the recent drop in BTC prices. Post The chart below shows that BTC’s “recent decline was strongly bought”.

BTC/USD 1-week chart. Source: Rekt Capital

The analyst was quick to point out that the price is still “fighting the red resistance zone of $48,700” and if the bulls want to push the price higher, they need to see it turn into support.

Rekt Capital said:

“This is the need to roll over to support revisiting areas above $50,000”

BTC needs to keep the daily closing price above $50,000

Options trader and anonymous Twitter user John Wick also emphasized the importance of closing prices above $50,000. He released the following tweet, emphasizing that Bitcoin prices need to close in the short term and stay above an important psychological level.

The analyst pointed out that historically, October has always been a “great month for Bitcoin to climb”, and said that current environmental and technical signals indicate that, if possible, BTC may set a record high in the next 4 weeks. The 50,000 USD barrier.

related: With the decline of Facebook, Instagram and WhatsApp, the price of Bitcoin exceeded $49,000

The current highest price is $55,000

Bitcoin trader and pseudonymous Twitter user George provided the last bit of bullish insights. He released the following chart, highlighting the current trading range to determine the best area to open a long position.

BTC/USD 1-day chart.Source: Twitter

George said:

“Look for bulls that are as close to the low as possible. The target range is high, with a daily supply of about 55k ish.”

The overall market value of cryptocurrencies is now $2.158 trillion, and Bitcoin’s dominance rate is 42.9%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.