While the long-term sentiment remains bullish, traders warn that BTC must hold the $41,000 support to avoid a sweep of the $38,000 level.
Bitcoin faced another day of bearish pressure on Sept. 29 as the impact of China’s crypto crackdown and uncertainty about the regulatory landscape in the United States continue to weigh heavily on Bitcoin (BTC) and some of the larger-cap altcoins.
Data from Cointelegraph Markets Pro and TradingView shows that the early morning rally above $42,000 lost steam by midday as the price collapsed back near the $41,000 support level where bulls are now defending against a further price decline.
Boring” Bitcoin market
Despite the recent volatility, the current price action is considered to be “boring” by market analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet highlighting that Bitcoin price remains above the crucial support levels he views as important.
Quite boring market here on #Bitcoin.
I’d prefer to see a breaker above $43.8K to conclude we’re done with the correction.
van de Poppe suggested that Bitcoin could trade sideways in a consolidation pattern for a couple of weeks before heading higher.
As for what might excite the analyst out of his current malaise, van de Poppe said that a price breakout above $43,800 would signal that the current correction is over.
Traders expect BTC to revisit itslower support levels
According to pseudonymous Twitter user ‘Sheldon the Sniper’, Bitcoin currently has support at $41,160 and there are additional supports at $39,000 – $40,000 and $37,00-$38,000.