The bulls flexed their muscles on October 4th, and proof came when the price of Bitcoin (BTC) rose below the $ 50,000 mark within $ 500. This move towards the main psychological resistance helped pull the Crypto Fear & Greed Index out of fear zone and into neutral on Monday.

Crypto Fear and Greed Index. Source: alternative

The price action for the top crypto has seen increased volatility in recent weeks as countries like China stepped up their crackdown on cryptocurrencies.

Data from Cointelegraph Markets Pro and TradingView show that after an early morning bears attack that pushed BTC down to a low of 46,863, the bulls arrived with reinforcements and the price returned above the support / resistance (S / R) zone of 49,200 USD lift in which they are now struggling to control.

BTC / USDT 4-hour chart. Source: TradingView

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

$ 48,700 is a major resistance level

Traders have shown eagerness to buy up the recent drop in BTC price, according to crypto analyst and pseudonymous Twitter user “Rekt Capital”, who released the following graph showing that the “recent drop” in BTC has been heavily bought up.

BTC / USD 1 week chart. Source: Rekt Capital

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 in support if the bulls hope to drive the price higher.

Rekt Capital said:

“This is the area that needs to be flipped to support a return visit of over $ 50,000.”

BTC must hold a daily close of over $ 50,000

The importance of a closing price above 50,000 US dollars was also emphasized by the options trader and pseudonymous Twitter user “John Wick”, who published the following tweet and emphasized that the Bitcoin price must close and hold above the psychologically important level in the short term.

#BTC

We have clear areas of support and resistance. I believe we have to see a close and also hold it above $ 50,000 if we are to see ATHs.

October is usually a great month for #Bitcoin to move higher. We have the right environment and technology to reach ATH imo this month. pic.twitter.com/DZDfLAIK3I

– John Wick (@ZeroHedge_) October 4, 2021

The analyst pointed out that October has been a “great month for Bitcoin to move higher” in the past, pointing out that the current environment and technical signals suggest that BTC has the potential in the next few four weeks to hit a new all-time high, if possible Overcome the $ 50,000 barrier.

Related: Bitcoin moves past $ 49,000 as Facebook, Instagram, and WhatsApp go under

The current range is $ 55,000

One final bullish glimpse was provided by Bitcoin trader and pseudonymous Twitter user “George”, who posted the following chart highlighting the current trading range to determine the best areas to look for open long positions.

BTC / USD 1-day chart. Source: Twitter

Georg said:

“Look for longs that are as close to the bottom as possible. Target range high and daily requirement ~ 55,000 ish. “

The total market cap of the cryptocurrency is now $ 2.158 trillion and the dominance of Bitcoin is 42.9%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.

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