Category: Market Update


Bitcoin price dips are being ‘bought up strongly’, but a $50K close remains key


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. 

Crypto Fear & Greed Index. Source: Alternative

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.

BTC/USDT 4-hour chart. Source: TradingView

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.

$48,700 is a major resistance level

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.”

BTC/USD 1-week chart. Source: Rekt Capital

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+”

BTC needs to hold a daily close above $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. 

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

The current range high i $55,000

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.

BTC/USD 1-day chart. Source: Twitter

George said:

“Looking for longs as close to range low as possible. Target range high and daily supply ~ 55k ish.”

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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Traders identify $51K as the key level for Bitcoin to overcome in the short term


Bitcoin’s spike to $50,000 renewed calls for a new all-time high, but analysts caution that a daily close above $51,000 is needed to solidify the current uptrend.

The crypto market is back in high spirits on Sept. 2 after Bitcoin price briefly tapped the $50,000 level in the early morning trading session. The move above the key resistance level came as industry insiders hinted that major companies and institutional investors hinted that recent Bitcoin purchases would soon be disclosed in public documents.

Additional bullish news came after Vast Bank announced that it had become the first U.S. bank to allow customers to buy, sell and hold Bitcoin (BTC) directly in their checking accounts.

BTC/USDT 1-day chart. Source: TradingView

Here’s what traders and analysts are saying about what to expect next from Bitcoin now that it is trading near the psychologically important $50,000 level.

Bitcoin finally broke out of resistance

This latest move from Bitcoin managed to break above the bottom trendline of the ascending channel and according to Rekt Capital, a pseudonymous crypto analyst on Twitter, BTC needs to test $51,000 before the market has a better idea of whether $50,000 will hold as support.

Based on the chart provided, Rekt Capital warned to be on the lookout for a retest of the support line which could see the price drop as low as $48,500.

Rejection at overhead resistance could prompt a drop to $41,300

Further insight into Bitcoin's price action came from Crypto Chase, who is looking at the $56,000 price level as a signal to go long.

While the trader did not indicate which scenario is most likely to develop, he did point out that a support/resistance flip of the zone highlighted in blue would play a role in determining the direction of the trend.

Related: BTC price returns to $50K as Bitcoin bears lose $450M in daily liquidations

Bulls need a close above $51,000

Cointelegraph contributor Michaël van de Poppe also suggested that Bitcoin needed to secure a close above $51,000 in order to see continuation.

As highlighted in the chart provided above, the $51,000 level was a significant price level during BTC's run-up in early in 2021, so a breakout above this level would need to be seen in order to confirm that the trend change is confirmed.

Failure to break out above this level could result in further consolidation for BTC and this would bode well for altcoins which typically pack on significant gains when Bitcoin price trades sideways.

The overall cryptocurrency market cap now stands at $2.227 trillion and Bitcoin’s dominance rate is 41.8%.

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.