Traders believe that $41,000 is the key support for short-term Bitcoin holdings


On September 29, Bitcoin once again faced bearish pressure, as the impact of the Chinese cryptocurrency crackdown and the uncertainty of the US regulatory environment continued to put heavy pressure on Bitcoin (Bitcoin) And some large-cap altcoins.

Data from Cointelegraph Markets Pro with Transaction view It shows that the bulls are now resisting further price declines due to the price falling back to near the 41,000 USD support level, so the early rebound above 42,000 USD lost momentum.

BTC/USDT 4-hour chart. Source: TradingView

The following is what traders and analysts think of Bitcoin prices today.

The “boring” Bitcoin market

Despite the recent volatility, market analyst and Cointelegraph contributor Michaël van de Poppe believes that the current price trend is “boring” and he posted the following tweet, emphasizing that the Bitcoin price is still above the key support level he considers important.

According to the chart above, van de Poppe suggested that Bitcoin can trade sideways in a consolidation mode within a few weeks and then move higher.

As for what might allow analysts to get rid of the current discomfort, van de Poppe said that the price breakthrough of $43,800 would indicate that the current adjustment has ended.

Traders expect BTC to revisit its lower support levels

According to an anonymous Twitter user “sniper Sheldon”, Bitcoin currently has support US$41,160, with additional support of US$39,000-40,000 and US$37,00-38,000.

BTC/USDT 12-hour chart.Source: Twitter

Shelton said:

“The stock market is showing some weakness, short-term support for BTC, if we lose it, the next possible area is $38,000-$40,000. Now I have bought a lot of things, just have patience with the market.”

related: Bitcoin has yet to prove inflation hedging status, but the time may come soon

Short-term bearish, long-term bullish

Crypto Twitter trader “Crypto_Ed_NL” responded to concerns about possible retesting of the lower support level, and he posted the following tweet outlining the drop to the support level near $41,250.

As emphasized by Crypto_Ed_NL, the analyst stated in a previous tweet that “I think we will make corrections when Binance is back online” is a bit premature, and in this follow-up tweet it is predicted that BTC may fall again before the rebound occurs. .

It turns out that this is a prescient observation, because at the time of writing, the price of BTC was $41,300.

Despite the recent market downturn and increased volatility, Crypto_Ed_NL still believes that the long-term forecast of BTC price increases remains unchanged.

The overall cryptocurrency market value is now $1.827 trillion, and Bitcoin’s dominance rate is 42.5%.

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