Bitcoin value dips are being ‘purchased up strongly’, however a $50K shut stays key

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Bulls flexed their muscle groups on Oct. 4 and proof of this got here as Bitcoin’s (BTC) value rallied inside $500 of the $50,000 mark. This transfer towards the important thing psychological resistance helped to drag the Crypto Concern & Greed Index out of the worry zone and into the ‘Impartial’ state on Monday. 

Crypto Concern & Greed Index. Supply: Different

The value motion for the highest crypto has seen elevated volatility in latest weeks as nations like China have elevated their crackdown on cryptocurrencies, a transfer which the previous United States Central Intelligence Company agent Edward Snowden says has “simply made Bitcoin stronger.

Information from Cointelegraph Markets Professional and TradingView exhibits that after an early morning assault by bears which pushed BTC to a low of 46,863, bulls arrived with reinforcements and lifted the worth again above the $49,200 help/resistance (S/R) zone the place they now battle for management.

BTC/USDT 4-hour chart. Supply: TradingView

Right here’s a take a look at merchants and analysts take into consideration the present value motion and what may occur subsequent as BTC value approaches $50,000.

$48,700 is a significant resistance stage

Merchants confirmed eagerness to purchase up the newest dip in BTC value in response to crypto analyst and pseudonymous Twitter consumer ‘Rekt Capital’, who posted the next chart exhibiting that BTC’s “latest dip was purchased up strongly.”

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

The analyst was fast to level out that the worth continues to be “wrestling with this crimson resistance space at $48,700,” and must see it flipped to help if bulls hope to push the worth larger.

Rekt Capital mentioned:

“That is the realm that should flip to help for a revisit of $50,000+”

BTC wants to carry a day by day shut above $50,000

The significance of a detailed above $50,000 was additionally pressured by choices dealer and pseudonymous Twitter consumer ‘John Wick’, who posted the next tweet emphasizing that Bitcoin value wants to shut and maintain above the psychologically vital stage within the brief time period. 

The analyst identified that October has traditionally been a “nice month for Bitcoin to climb larger” and indicated that the present setting and technical indicators counsel that BTC has the potential to ascertain a brand new all-time excessive within the subsequent 4 weeks if it may well clear the $50,000 hurdle.

Associated: Bitcoin strikes previous $49K as Fb, Instagram, and WhatsApp go down

The present vary excessive i $55,000

A remaining little bit of bullish perception was supplied by Bitcoin dealer and pseudonymous Twitter consumer ‘George’, who posted the next chart highlighting the present buying and selling vary to be able to decide the most effective areas to presumably look to open lengthy positions.

BTC/USD 1-day chart. Supply: Twitter

George mentioned:

“In search of longs as near vary low as doable. Goal vary excessive and day by day provide ~ 55k ish.”

The general cryptocurrency market cap now stands at $2.158 trillion and Bitcoin’s dominance price is 42.9%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your personal analysis when making a call.