Bitcoin faces further downside pressure on September 29 as the impact of the Chinese crypto crackdown and uncertainty over the regulatory landscape in the US continue to weigh on Bitcoin (BTC) and some higher cap altcoins.
Data from Cointelegraph Markets Pro and TradingView show the early morning rally was lost above $ 42,000 by noon, when the price collapsed again near the $ 41,000 support where the bulls are currently defending the next price decline.
Here’s What Traders and Analysts Are Saying About Bitcoin Price Today.
The Bitcoin market is “boring”
Despite the recent volatility, the current price action is viewed as “boring” by market analyst and Cointelegraph associate Michaël van de Poppe, who posted the following tweet, stressing that Bitcoin price remains above key support levels he believes are important.
The market is pretty boring here #Bitcoin.
I would love to see a break above $ 43.8K to conclude that we are through a correction.
However, it still retains vital support. pic.twitter.com/oPx4mVFqdg
– Michaël van de Poppe (@CryptoMichNL) September 29, 2021
Based on the graph above, van de Poppe suggests that Bitcoin could trade sideways in a consolidation pattern for a few weeks before moving higher.
What might upset the analyst from his current turmoil, van de Poppe said that a break above $ 43,800 would signal that the current correction is over.
Traders expect BTC to revisit its lower support levels
Bitcoin is now available, according to a Twitter user nicknamed “Sheldon the Sniper” donate at $ 41,160 and there are additional supports at $ 39,000- $ 40,000 and $ 37.00 to $ 38,000.
“The stock market is showing some weakness, short term support above $ BTC, if we lose it the next possible zone is $ 38K-40K. Now I’ve bought a lot and just have to be patient with the market. “
Related: Bitcoin has yet to prove its inflation hedge, but the time may come soon
Short-term price decline, long-term price increase
Twitter crypto trader “Crypto_Ed_NL” reiterates concerns about a possible retest of lower support levels, posting the following tweet describing a drop to support near $ 41,250.
As highlighted by Crypto_Ed_NL, an earlier tweet in which the analyst said, “I think we will make adjustments when Binance is back online” is a bit premature and predicts in this next tweet that BTC will be reduced one more step can before a bounce occurs. .
This turns out to be a pre-existing observation as BTC price is trading at $ 41,300 at the time of going to press.
Despite the recent market downturn and increased volatility, Crypto_Ed_NL still believes that long-term predictions of a higher BTC price remain intact.
The total crypto market cap is $ 1.827 trillion and the dominance of Bitcoin is 42.5%.