Traders identify $41K as Bitcoin’s key support to hold for the short-term

Bitcoin was under pressure again on September 29th as uncertainty over the regulatory landscape in America and China’s crypto crackdown continued to impact Bitcoin (BTC), and other large-cap altcoins.

Cointelegraph Markets Pro and TradingView data show that the initial rally of $42,000 above midday lost steam as the price fell back to $41,000, where the bulls are now fighting against further price falls.

Chart for BTC/USDT 4 hours TradingView

Here are some thoughts from analysts and traders about Bitcoin’s price today.

Bitcoin market “Boring”

Michael van de Poppe (market analyst, Cointelegraph contributor) said that despite recent volatility, current price action is “boring”. He posted the following tweet, highlighting that Bitcoin prices remain above critical support levels, which he considers important.

It’s a very boring market on #Bitcoin. To conclude that the correction is complete, I would prefer to see a breaker over $43.8K. Nevertheless, we are still able to provide crucial support. pic.twitter.com/oPx4mVFqdg
— Michael van de Poppe (@CryptoMichNL) September 29, 2021

Van de Poppe suggested, based on the chart above that Bitcoin could trade sideways within a consolidation pattern for a few weeks before moving higher.

Van de Poppe stated that a price rise above $43,800 would indicate that the current correction has ended.

BTC traders expect it to return to its lower support levels

According to a pseudonymous Twitter user, “Sheldon the Scriper”, Bitcoin has support at $41,160. Additional supports are available at $39,000-$40,000, and $37,000.00-$38,000.

Chart for 12-hours of BTC/USDT Source: Twitter

Sheldon stated:

“Stock markets showing weakness, support for $BTC short term, if it loses, next possible zone $38K – 40K. I am patiently waiting for the market to move and have made a lot of buys.

Related: Bitcoin is yet to prove its inflation hedge status but it may soon

Bullish for the long-term, bearish for the short term

Crypto Twitter trader “Crypto_Ed_NL” expressed concern over a possible retest at lower support levels. He posted the following tweet, outlining a drop in support level to $41,250.

Crypto_Ed_NL highlighted that a tweet in which an analyst said “I think we will do a correction whenever Binance comes back on-line” was a bit premature. This follow-up tweet predicted that BTC might see another leg down, before it bounces.

This observation has proved to be accurate as the current price of Bitcoin is $41,300.

Crypto_Ed_NL believes that the long-term projections for a higher BTC price despite the market downturn and volatility remain unchanged.

The total cryptocurrency market is now worth $1.827 trillion. Bitcoin’s dominance rate at 42.5%.

com. You should do your research before making any investment or trading decision.

https://cointelegraph.com/news/traders-identify-41k-as-bitcoin-s-key-support-to-hold-for-the-short-term