On September 29, Bitcoin faced another day of bearish pressure as the impact of the cryptocurrency struggle in China and uncertainty over the US regulatory framework continues to put pressure on Bitcoin (BTC) and some major cryptocurrencies.
Data from Cointelegraph Markets Pro and TradingView show that the early morning rally above $ 42,000 weakened at noon when the price collapsed again near the $ 41,000 support level as bulls now protect against further price declines.
4-hour BTC / USDT chart. Source: TradingView
Here’s what traders and analysts are saying about the price of bitcoin today.
Boring bitcoin market
Despite recent volatility, the current price movement is considered “boring” by market analyst and Cointelegraph contributor Michael van de Poppe, who posted the following tweet, which highlights that Bitcoin’s price is still above critical support levels that he considers important.
Based on the above chart, Van de Bopp suggested that Bitcoin could trade sideways as part of a consolidation pattern for several weeks before it starts to rally.
As for what the analyst can compensate for with his current concerns, Van de Boep said a break above $ 43,800 would signal the end of the current correction.
Traders Expect Bitcoin To Return To Lower Support Levels
Bitcoin currently supports $ 41,160 with additional support of $ 39,000-40,000 and $ 37-38,000, according to Twitter user Sheldon Sniper.
12-hour BTC / USDT chart. Source: Twitter
Sheldon said:
“Equity markets are showing weak short-term support in USD BTC, if we lose it, the next potential area will be $ 38,000-40,000. Now I buy a lot and am patient with the market. ”
RELATED: Bitcoin Hasn’t Proven Inflation Hedging Yet, But Time May Come Soon
Short-term bearish, long-term bullish
Concerns about a possible new test for lower support levels were confirmed by cryptocurrency seller Twitter Crypto_Ed_NL, who posted the following tweet describing a drop to support levels around $ 41,250.
As Crypto_Ed_NL pointed out, the previous tweet in which the analyst mentioned “I think we’ll fix it when Binance goes back online” was very early and I predicted in this follow-up tweet that BTC could see another drop before it happens rebound.
This turned out to be a thoughtful observation as the price of BTC was $ 41,300 at the time of writing.
Despite the recent downturn in the market and increased volatility, Crypto_Ed_NL still believes that the long-term growth outlook for BTC prices remains unchanged.
The total cryptocurrency market capitalization is now $ 1.827 trillion, and the dominance of bitcoin is 42.5%.
