Bitcoin bulls showed strength on the evening of October 4th, when Facebook, Instagram and WhatsApp were in the red as BTC price rose by around $ 500 to nearly $ 50,000, Bitcoin Magazine reported.
This move towards an important psychological resistance helped pull the Crypto Fear & Greed Index out of the “fear” zone to “neutral” last night.
Bitcoin price actions have increased volatility in recent weeks as China steps up its crackdown on cryptocurrencies, a move that, according to former US Central Intelligence Agency agent Edward Snowden, only makes Bitcoin stronger. “
Data from TradingView shows that after the bears hit BTC to a low of $ 46,863, the bulls intervened quickly and pushed the price back above the support / resistance area of $ 49,200 as they struggled for control.
Here’s a look at the current price history and what to expect as the BTC price approaches $ 50,000.
Bitcoin has to flip over $ 48,700 to support
According to analyst Rekt Capital, “BTC’s recent slump has been bought heavily”.
Source: Rekt Capital
The analyst was quick to point out that if the bulls are to push the price above $ 50,000 and higher, the “red resistance area at $ 48,700” must flip in support.
$ 50,000 is the key
The importance of a closing price above $ 50,000 was also emphasized by options trader John Wick. In his opinion, this is a psychologically important level in the short term.
The analyst points out that October is a “great month for Bitcoin to move higher” and that the current environment and technical signals suggest that BTC has crossed the potential to hit new all-time highs in the next four weeks .
The source: John Wick
Trader George posted a chart highlighting the current trading range to identify the best areas to open long positions.
“Look at the bottom of the range as long as possible. The potential high of the range is $ 55,000. “
The total crypto market cap is $ 2.158 trillion and the dominance of bitcoin is 43%.
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According to Cointelegraph