The price of Bitcoin (BTC) continues to struggle with pressure from China on the cryptocurrency sector and uncertainty about regulations in the US.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin started on September 30 at over $ 43K after falling to $ 41,000 on September 29.
Let’s take a look at how investors and analysts interpret Bitcoin’s price performance.
The “boring” Bitcoin market
Cointelegraph analyst Michaël van de Poppe describes Bitcoin’s price action as “boring” despite the recent surge. In his latest post, Van de Poppe said that Bitcoin remains above support levels that he considers critical.
A pretty boring market here in #Bitcoin.
I would rather see a breaker above $ 43.8K to conclude that we are done with the correction.
However, maintaining crucial support. pic.twitter.com/oPx4mVFqdg
– Michaël van de Poppe (@CryptoMichNL) September 29, 2021
The analyst believes that Bitcoin will consolidate in a certain range for a few weeks and then start to rise again.
Van de Poppe stated that we can understand that the correction ends if the price of BTC crosses $ 43,800.
You can test lower support levels
Anonymous Twitter user ‘Sheldon the Sniper’He explained that Bitcoin is currently holding the support at $ 41,160, with support at $ 39-40k and $ 37-38k.
“The stock markets are showing some weakness. Bitcoin is at the short-term support level. If we lose this level, we can go back to the band of 38-40 thousand dollars. I have made a lot of purchases and I am waiting patiently. “
Long-term outlook unchanged
Crypto Twitter trader ‘Crypto_Ed_NL’ also said that a test of lower support levels is possible and that another correction may occur in the near term before it turns bullish again.
On the other hand, Crypto_Ed_NL explained that the opinion that the price of BTC will increase in the long term has not changed.