Bitcoin faced another day of downward pressure on September 29 as the impact of crackdown on cryptocurrencies in China and uncertainty over the regulatory landscape in the United States weighed on Bitcoin (BTC) and some of the largest capitalization altcoins.
Data from Cointelegraph Markets Pro and TradingView shows that the early morning rally that brought Bitcoin over $ 42,000 lost steam at noon, as price collapsed again to the $ 41,000 support level where the bulls avoid further decline.
This is what traders and analysts say about the behavior that the price of Bitcoin has shown today.
A “boring” bitcoin market
Despite the recent volatility, the market analyst and Cointelegraph employee Michaël van de Poppe, thinks the current price campaign is “boring”, and posted the following tweet highlighting that the price of the cryptocurrency is above the levels of support it considers important.
Remove the boring market here #Bitcoin.
I would prefer to see a breaker above $ 43.8K to conclude that we are done with the correction.
Still important support. pic.twitter.com/oPx4mVFqdg
– Michaël van de Poppe (@CryptoMichNL) September 29, 2021
Pretty boring market in Bitcoin right now.
I would rather see a breakout above $ 43,800 to conclude that we are done with the correction.
However, maintaining vital support.
Based on the graphic above, van de Poppe suggested that Bitcoin could fluctuate sideways in a consolidation pattern for a few weeks before going up.
What might free the analyst from his current dissatisfaction, van de Poppe said that a break above USD 43,800 would signal 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 has a middle at $ 41,160 and there are additional supports in the ranges of $ 39,000 to $ 40,000 and $ 37,000 to $ 38,000.
“The stock markets are showing some weakness, short-term support in $ BTC, if we lose it the next possible zone is $ 38,000 to $ 40,000. Right now I’ve been buying a lot and I’m just being patient with the market.”
Bearish in the short term, bullish in the long term
Concerns about a possible test of lower levels of support have also been raised by the cryptocurrency trader. “Crypto_Ed_NL”, who posted the following tweet signaling a decline to support levels near $ 41,250.
As highlighted by Crypto_Ed_NL, To think that we would see a correction when Binance was back online was a little premature, and he said in that follow-up tweet that BTC could see another downward move before the jump occurs.
This turned out to be a predictive observation as the price of BTC is trading at $ 41,300 at press time.
Despite the recent market crash and increased volatility, Crypto_Ed_NL still believes the long-term projections of a higher price for BTC remain intact.
The total market capitalization of cryptocurrencies is currently $ 1.827 trillion and the dominance of Bitcoin is 42.5%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.