Monday, July 22, 2024

Vendors recognize $41K as Bitcoin’s key backing to hold for the short-term

September 29th was a day where Bitcoin, as well as several large-capped Altcoins, dealt with pressure and uncertainty. Two key factors have been affecting the cryptocurrency market. These include a crackdown by the Chinese government on cryptocurrency, as well as US regulatory uncertainties regarding the crypto market.

By the early morning, a rally that went above $42,000, started to slow down. By the middle of the day, prices had started rolling back, and reached $41,000. Currently, bulls are defending the market at this level to stop prices from going down further.

Traders and the Bitcoin Market

Traders, as well as market analysts, are calling the current price fluctuations ‘boring’. Michael van de Poppe, a contributor at Cointelegraph, posted a tweet stating that Bitcoin’s price was higher than the key support levels. According to Poppe, BTC could start trading sideways in the pattern of a consolidation for a few weeks. Following this, Bitcoin would start to trade higher.

Michael van de Poppe further added that in the event there is a price breakout that reaches $43,800 or higher, then that is an indication that the correction the market was facing is finally over now.

Twitter user ‘Sheldon the Sniper’ said that Bitcoin support was currently at $41,160. He added there were further supports that fell between $39-40,000, as well as $37-38,000.

A crypto trader, Crypto Ed, tweeted that Bitcoin could experience a retest of lower levels. Irrespective of current market volatility, Crypto Ed is still of the opinion that long-term projections for Bitcoin remain unchanged.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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