Bulls flexed their muscle tissue on Oct. 4 and proof of this got here as Bitcoin’s (BTC) worth rallied inside $500 of the $50,000 mark. This transfer towards the important thing psychological resistance helped to drag the Crypto Concern & Greed Index out of the “worry” zone and into the “impartial’ state on Oct. 4.
The value motion for the highest crypto has seen elevated volatility in latest weeks as nations like China have elevated their crackdown on cryptocurrencies, a transfer which former United States Central Intelligence Company agent Edward Snowden says has “just made Bitcoin stronger.”
Knowledge from Cointelegraph Markets Pro and TradingView exhibits that after an early morning assault by bears, which pushed BTC to a low of 46,863, bulls arrived with reinforcements and lifted the worth again above the $49,200 help/resistance (S/R) zone the place they now battle for management.
Right here’s a take a look at how merchants and analysts take into consideration the present worth motion and what may occur subsequent because the BTC worth approaches $50,000.
$48,700 is a significant resistance degree
Merchants confirmed an eagerness to purchase up the latest dip in BTC worth, in keeping with crypto analyst and pseudonymous Twitter person Rekt Capital, who posted the next chart, displaying that BTC’s “latest dip was purchased up strongly.”
The analyst was fast to level out that the worth remains to be “wrestling with this purple resistance space at $48,700,” and must see it flipped to help if the bulls hope to push the worth larger.
Rekt Capital stated:
“That is the world that should flip to help for a revisit of $50,000+”
BTC wants to carry a day by day shut above $50,000
The significance of a detailed above $50,000 was additionally burdened by choices dealer and pseudonymous Twitter person John Wick, who posted the next tweet emphasizing that Bitcoin worth wants to shut and maintain above the psychologically necessary degree within the quick time period.
We have now clear help and resistance zones. I really feel we have to see a detailed & additionally maintain above $50k if we wish to see ATH’s.
— John Wick (@ZeroHedge_) October 4, 2021
The analyst identified that October has traditionally been a “nice month for Bitcoin to climb larger” and indicated that the present surroundings and technical indicators recommend that BTC has the potential to determine a brand new all-time excessive within the subsequent 4 weeks if it may clear the $50,000 hurdle.
The present vary excessive is $55,000
A remaining little bit of bullish perception was provided by Bitcoin dealer and pseudonymous Twitter person George, who posted the next chart highlighting the present buying and selling vary to find out the perfect areas during which to open lengthy positions.
“Searching for longs as near vary low as potential. Goal vary excessive and day by day provide ~ 55k ish.”
The general cryptocurrency market cap now stands at $2.158 trillion and Bitcoin’s dominance charge is 42.9%.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a call.