The 4th of October saw the market bulls flexing their muscles, with the price of Bitcoin rallying to a $50,000 mark. This move which has been geared towards the key psychological resistance has been quite pivotal in helping to pull the Crypto Greed and Fear Index out of the zone of fear- seamlessly flowing through a neutral state on the 4th of October.
The major action for the price for the top cryptocurrency has seen some major volatility in recent weeks as countries like China have accelerated their crackdown on major cryptocurrencies. This move has been stated by Edward Snowden, the former agent of the United States Central Intelligence Agency, as simply making BTC stronger.
According to data that was received from TradingView and Cointelegraph Markets Pro, it has been highlighted that after the first-morning attack by market bears- something that pushed Bitcoin to a low of 46,864, most market bulls arrived with major reinforcements and then increased the crypto price back above the $49,200 resistance zone where they are battling for control.
$48,700 Is A Major Resistance Level Of Bitcoin
According to Rekt Capital, a pseudonymous Twitter user and crypto analyst have stated that traders have shown quite an eagerness to purchase the most recent dip in the price of Bitcoin. He further posted figures that the recent dip of BTC was brought up pretty strongly on major fronts. The analyst was also pretty up-to-date that the crypto price was still messing with the resistance area of $48,700, which would further need to see it flipped in order to push the price of the market bulls higher.
John Wick, another Twitter analyst, went on to point out that the month of October has traditionally been seen as a great month for Bitcoin to ascend the ranks higher- indicating that the recent environment and technical signals have suggested that the cryptocurrency definitely has the potential.