On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.” Snowden Stresses CBDCs ‘Are […]
On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s are “closer to being a perversion of cryptocurrency” and a “cryptofascist currency.” Snowden Stresses CBDCs ‘Are […]
Bitcoin price refuses to pull back despite Bollinger Bands and Fear and Greed pointing to an overheated rally. Experienced analysts and media outlets in...
Bitcoin price refuses to pull back despite Bollinger Bands and Fear and Greed pointing to an overheated rally. Experienced analysts and media outlets in...
Bitcoin price refuses to pull back despite Bollinger Bands and Fear and Greed pointing to an overheated rally. Experienced analysts and media outlets in...
Bitcoin price refuses to pull back despite Bollinger Bands and Fear and Greed pointing to an overheated rally. Experienced analysts and media outlets in...
Bitcoin price refuses to pull back despite Bollinger Bands and Fear and Greed pointing to an overheated rally. Experienced analysts and media outlets in...
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Analysts identify the key levels BTC needs to hold in order to see continuation above $50,000.
Bulls flexed their muscles on Oct. 4 and proof of this came as Bitcoin’s (BTC) price rallied within $500 of the $50,000 mark. This move toward the key psychological resistance helped to pull the Crypto Fear & Greed Index out of the fear zone and into the 'Neutral' state on Monday.
The price action for the top crypto has seen increased volatility in recent weeks as countries like China have increased their crackdown on cryptocurrencies, a move which the former United States Central Intelligence Agency agent Edward Snowden says has “just made Bitcoin stronger.”
Data from Cointelegraph Markets Pro and TradingView shows that after an early morning attack by bears which pushed BTC to a low of 46,863, bulls arrived with reinforcements and lifted the price back above the $49,200 support/resistance (S/R) zone where they now battle for control.
Here’s a look at traders and analysts think about the current price action and what could happen next as BTC price approaches $50,000.
Traders showed eagerness to buy up the most recent dip in BTC price according to crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart showing that BTC’s “recent dip was bought up strongly.”
The analyst was quick to point out that the price is still “wrestling with this red resistance area at $48,700,” and needs to see it flipped to support if bulls hope to push the price higher.
Rekt Capital said:
“This is the area that needs to flip to support for a revisit of $50,000+”
The importance of a close above $50,000 was also stressed by options trader and pseudonymous Twitter user ‘John Wick’, who posted the following tweet emphasizing that Bitcoin price needs to close and hold above the psychologically important level in the short term.
#BTC
— John Wick (@ZeroHedge_) October 4, 2021
We have clear support and resistance zones. I feel we need to see a close & also hold above $50k if we want to see ATH's.
October is normally a great month for #Bitcoin to climb higher. We have the right environment & technicals to reach ATH this month imo. pic.twitter.com/DZDfLAIK3I
The analyst pointed out that October has historically been a “great month for Bitcoin to climb higher” and indicated that the current environment and technical signals suggest that BTC has the potential to establish a new all-time high in the next four weeks if it can clear the $50,000 hurdle.
Related: Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp go down
A final bit of bullish insight was offered by Bitcoin trader and pseudonymous Twitter user ‘George’, who posted the following chart highlighting the current trading range in order to determine the best areas to possibly look to open long positions.
George said:
The overall cryptocurrency market cap now stands at $2.158 trillion and Bitcoin’s dominance rate is 42.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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