Bitcoin struggled through yet another day of bearish pressure on the 29th of September, with the crypto crackdown in China making a mess. The cryptocurrency has also been bogged down by uncertainty related to the regulatory landscape in the United States, which has also affected a few other large-cap altcoins.
According to data that was received from TradingView and Cointelegraph Markets Pro, it can be understood that the rally which took place early morning went above $42,000- but then lost steam by midday as the price of the cryptocurrency went down to a price of $41,000- with bulls defending a major price decline.
“Boring” Bitcoin market
Even though Bitcoin has gone through some major volatility recently, the current movement in price has been deemed pretty boring by Michael van de Poppe, contributor of Cointelegraph as well as a market analyst- who went on to tweet that the price of BTC was quite boring, even though the fact that it stayed above crucial support levels was pretty important.
The analyst further stated that the cryptocurrency could always trade sideways in a consolidatory pattern for a few weeks before it went on to head higher. As far as what could excite analysts, van de Poppe stated that a breakout in price over $43,800 would definitely raise the stakes.
According to Sheldon The Sniper, a pseudonymous user on Twitter, Bitcoin now has a support of around $41,160, but there has been some major support at $39,000 – $40,000 and $37,000 – $38,000. The very concern about a possible settlement of the cryptocurrency at lower support levels was definitely on everyone’s mind, a Crypto Ed, a Twitter trader, mentioned a drop in the prices to reach a support level of $41,250.
Currently, the market cap of the cryptocurrency sector stands at $1.827 trillion, with the dominance rate of Bitcoin shifting in at 42.5%.