Bulls flexed their muscles on Oct. 4 and proof of this came as Bitcoin’s (比特币) price rallied within $500 的 $50,000 标记. This move toward the key psychological resistance helped to pull the Crypto Fear & Greed Index out of the “害怕” zone and into theneutralstate on Oct. 4.

Crypto Fear & Greed Index. 资源: Alternative

The price action for the top crypto has seen increased volatility in recent weeks as countries like China have increased their crackdown on cryptocurrencies, a move which former United States Central Intelligence Agency agent Edward Snowden says has “just made Bitcoin stronger.”

Data from Cointelegraph Markets Pro and TradingView shows that after an early morning attack by bears, which pushed BTC to a low of 46,863, bulls arrived with reinforcements and lifted the price back above the $49,200 support/resistance (S/R) zone where they now battle for control.

BTC / USDT 4小时图. 资源: 交易视图

Here’s a look at how traders and analysts think about the current price action and what could happen next as the BTC price approaches $50,000.

$48,700 is a major resistance level

Traders showed an eagerness to buy up the most recent dip in BTC price, according to crypto analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, showing that BTC’s “recent dip was bought up strongly.”

BTC / USD 1周图. 资源: 瑞克资本

The analyst was quick to point out that the price is still “wrestling with this red resistance area at $48,700,” and needs to see it flipped to support if the bulls hope to push the price higher.

Rekt Capital said:

“This is the area that needs to flip to support for a revisit of $50,000+”

BTC needs to hold a daily close above $50,000

The importance of a close above $50,000 was also stressed by options trader and pseudonymous Twitter user John Wick, who posted the following tweet emphasizing that Bitcoin price needs to close and hold above the psychologically important level in the short term.

The analyst pointed out that October has historically been a “great month for Bitcoin to climb higher” and indicated that the current environment and technical signals suggest that BTC has the potential to establish a new all-time high in the next four weeks if it can clear the $50,000 栏.

有关: Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp go down

The current range high is $55,000

A final bit of bullish insight was offered by Bitcoin trader and pseudonymous Twitter user George, who posted the following chart highlighting the current trading range to determine the best areas in which to open long positions.

BTC/USD 1-day chart. 资源: 推特

George said:

“Looking for longs as close to range low as possible. Target range high and daily supply ~ 55k ish.”

总体加密货币市值目前为 $2.158 万亿,比特币的主导地位是 42.9%.

这里表达的观点和观点仅是作者的观点,不一定反映Cointelegraph.com的观点。. 每笔投资和交易动作都涉及风险, 您在做出决定时应该进行自己的研究.