The bulls flexed their muscles on October 4th, and evidence of this came when the price of Bitcoin (BTC) jumped $ 500 from the $ 50,000 mark. This move towards an important psychological resistance helped pull the Crypto Fear & Greed Index out of the fear zone and into “neutral” on Monday.
The top cryptocurrency price action has seen heightened volatility in recent weeks as countries like China step up their crackdown on cryptocurrencies, a move the former Secret Service agent said in a statement.
Data from Cointelegraph Markets Pro and TradingView show that following an early morning bear attack that pushed BTC to a low of 46,863, the bulls came in with gains and were able to push the price back above the support / resistance (S / R) of $ 49,200 where they are currently fighting for control.
Here’s a look at what traders and analysts think of the current price action and what could happen next when BTC price approaches $ 50,000.
$ 48,700 is the key drag
According to the crypto analyst and Twitter user nicknamed “Rekt Capital,” traders are eager to buy back the latest BTC drop. sent The graph below shows that “the recent drop in BTC has been heavily bought up”.
The analyst was quick to point out that price is still “struggling with this red resistance at $ 48,700” and needs to see it convert to support if the bulls hope to push the price higher.
Rekt Capital said:
“This is an area that must be supported for a return of $ 50,000 or more.”
BTC must hold over $ 50,000 every day
The importance of a closing price above $ 50,000 was also highlighted by options trader and Twitter user “John Wick”, who published the following tweet emphasizing that the Bitcoin price must close and hold above the psychologically important level in the short term.
We have clear areas of support and resistance. I think we have to close and also hold over $ 50,000 if we are to see ATH.
– John Wick (@ZeroHedge_) October 4, 2021
The analyst points out that historic October was a “great month for Bitcoin to move higher” and points out that the current environment and technical signals suggest that BTC has the potential for the next four weeks to reach an all-time high whenever possible. crossed the $ 50,000 mark.
Related: Bitcoin tops $ 49,000 as Facebook, Instagram, and WhatsApp go under
Current high I $ 55,000
One final glimpse into the uptrend was provided by Bitcoin trader and Twitter user “George”, who published the following chart, highlighting the current trading range for confirmation.
“The search over long distances is carried out as close as possible to the smallest possible range. High target range and daily requirement ~ 55k ish. “
The total crypto market cap is $ 2.158 trillion and the dominance of Bitcoin is 42.9%.