{"id":346118,"date":"2021-09-30T01:30:00","date_gmt":"2021-09-29T22:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term\/"},"modified":"2021-09-30T01:30:00","modified_gmt":"2021-09-29T22:30:00","slug":"traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term\/","title":{"rendered":"# Traders identify $41K as Bitcoin\u2019s key support to hold for the short-term"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bbf2e6c6d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bbf2e6c6d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term\/#%E2%80%9CBoring%E2%80%9D_Bitcoin_market\" >\u201cBoring\u201d Bitcoin market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term\/#Traders_expect_BTC_to_revisit_itslower_support_levels\" >Traders expect BTC to revisit itslower support levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-identify-41k-as-bitcoins-key-support-to-hold-for-the-short-term\/#Short_term_bearish_long_term_bullish\" >Short term bearish, long term bullish<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Traders identify $41K as Bitcoin\u2019s key support to hold for the short-term <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin faced another day of bearish pressure on Sept. 29 as the impact of China&#8217;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.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> 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. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/7590ef47-a332-4324-b526-55b864921b9c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what traders and analysts are saying about Bitcoin price today.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBoring%E2%80%9D_Bitcoin_market\"><\/span>\u201cBoring\u201d Bitcoin market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the recent volatility, the current price action is considered to be \u201cboring\u201d by market analyst and Cointelegraph contributor Micha\u00ebl van de Poppe, who posted the following tweet highlighting that Bitcoin price remains above the crucial support levels he views as important. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Quite boring market here on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.<\/p>\n<p>I&#8217;d prefer to see a breaker above $43.8K to conclude we&#8217;re done with the correction.<\/p>\n<p>Holding crucial support nonetheless. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/oPx4mVFqdg\">pic.twitter.com\/oPx4mVFqdg<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1443227857061359617?ref_src=twsrc%5Etfw\">September 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Based on the chart above, van de Poppe suggested that Bitcoin could trade sideways in a consolidation pattern for a couple of weeks before heading higher. <\/p>\n<p>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. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Traders_expect_BTC_to_revisit_itslower_support_levels\"><\/span>Traders expect BTC to revisit itslower support levels<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user &#8216;Sheldon the Sniper&#8217;, Bitcoin\u00a0currently has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Sheldon_Sniper\/status\/1442896317215248385\">support<\/a> at $41,160 and there are additional supports at $39,000 &#8211; $40,000 and $37,00-$38,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/3010dbc1-84ad-433c-87c9-63d254852937.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 12-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Sheldon said:<\/p>\n<blockquote><p>\u201cStock markets showing some weakness, short term support on $BTC, if we lose it, next possible zone is $38K &#8211; 40K. Right now I have taken a lot of buys and just being patient with the market.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin yet to prove inflation hedge status, but the time may come soon<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Short_term_bearish_long_term_bullish\"><\/span>Short term bearish, long term bullish<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The concern about a possible retest of lower support levels was echoed by crypto Twitter trader \u2018Crypto_Ed_NL\u2019, who posted the following tweet outlining a drop to the support level near $41,250. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/25796c31-9f54-4d8f-bc88-c59c5c6af72d.png\"><\/figure>\n<p>As highlighted by Crypto_Ed_NL, a previous tweet where the analyst stated &#8220;I think we&#8217;ll do a correction when Binance comes back online&#8221; was a little premature and predicted in this follow-up tweet that BTC could see another leg down before the bounce occurs. <\/p>\n<p>This has turned out to be a prescient observation because the price of BTC is trading at a price of $41,300 at the time of writing. <\/p>\n<p>Despite the recent market downturn and increased volatility, Crypto_Ed_NL still feels that the long-term projections of a higher price for BTC remain intact. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.827 trillion and Bitcoin\u2019s dominance rate is 42.5%.<\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/traders-identify-41k-as-bitcoin-s-key-support-to-hold-for-the-short-term\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Traders identify $41K as Bitcoin\u2019s key support to hold for the short-term &#8221; Bitcoin faced another day of bearish pressure on Sept. 29 as the impact of China&#8217;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.\u00a0 Data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":346119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZWE3YWNhMjEtYmE4YS00NjIzLWFlZTctZDQ5MDllNmY5OGM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-346118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=346118"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/346119"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=346118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=346118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=346118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}