Bitcoin faced another mean solar day of bearish pressure on Sept. 29 equally the impact of Red china's crypto crackdown and dubiety well-nigh the regulatory mural in the United states of america continue to counterbalance heavily on Bitcoin (BTC) and some of the larger-cap altcoins.

Data from Cointelegraph Markets Pro and TradingView shows that the early on morning rally above $42,000 lost steam by midday as the price collapsed dorsum almost the $41,000 back up level where bulls are now defending confronting a further toll decline.

BTC/USDT 4-60 minutes chart. Source: TradingView

Here'due south a look at what traders and analysts are maxim almost Bitcoin's cost today.

"Boring" Bitcoin market

Despite the contempo volatility, the electric current price action is considered to be "boring" by market analyst and Cointelegraph correspondent Michaël van de Poppe, who posted the following tweet highlighting that Bitcoin'due south price remains to a higher place the crucial support levels he views as of import.

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 college.

As for what might excite the analyst out of his current malaise, van de Poppe said that a toll breakout above $43,800 would betoken that the electric current correction is over.

Traders look BTC to revisit its lower support levels

Co-ordinate to pseudonymous Twitter user Sheldon The Sniper, Bitcoin currently has support at $41,160, and there are boosted supports at $39,000–$twoscore,000 and $37,00–$38,000.

BTC/USDT 12-hour chart. Source: Twitter/TradingView

Sheldon said:

"Stock markets showing some weakness, short term support on $BTC, if we lose it, next possible zone is $38K - 40K. Right now I have taken a lot of buys and just being patient with the market place."

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Short term bearish, long term bullish

The business organization about a possible retest of lower back up levels was echoed past Crypto Twitter trader Crypto Ed, who posted the following tweet outlining a drop to the support level near $41,250.

As highlighted by Crypto Ed, a previous tweet where the annotator stated "I think we'll do a correction when Binance comes back online" was a little premature and predicted in this follow-up tweet that BTC could see another leg down earlier the bounce occurs.

This has turned out to exist a prescient observation because the price of BTC is trading at $41,300 at the time of writing.

Despite the contempo market downturn and increased volatility, Crypto Ed still feels that the long-term projections of a higher price for BTC remain intact.

The overall cryptocurrency market place capitalization now stands at $1.827 trillion, and Bitcoin'south authority rate is 42.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph.com. Every investment and trading motility involves adventure, you should conduct your own inquiry when making a decision.