Investors See $ 41,000 Support for Critical Bitcoin

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.

BTC / USDT 4-hour candlestick chart. Source: TradingView

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.

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.

12-hour chart of the BTC / USDT pair. Source: Twitter

Sheldon stated:

“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.

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