Bulls flexed their muscles on Oct. 4 and proof of this came every bit Bitcoin's (BTC) toll rallied within $500 of the $l,000 mark. This motion toward the key psychological resistance helped to pull the Crypto Fear & Greed Index out of the "fright" zone and into the "neutral' state on October. four.

Crypto Fear & Greed Index. Source: Alternative

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

Information from Cointelegraph Markets Pro and TradingView shows that after an early forenoon attack by bears, which pushed BTC to a depression of 46,863, bulls arrived with reinforcements and lifted the price dorsum above the $49,200 back up/resistance (S/R) zone where they at present boxing for control.

BTC/USDT 4-hr nautical chart. Source: TradingView

Here's a await at how traders and analysts recollect about the current cost activity and what could happen next as the BTC cost approaches $50,000.

$48,700 is a major resistance level

Traders showed an eagerness to buy up the most recent dip in BTC toll, according to crypto analyst and pseudonymous Twitter user Rekt Uppercase, who posted the following chart, showing that BTC'due south "recent dip was bought upwardly strongly."

BTC/USD ane-calendar week chart. Source: Rekt Capital

The analyst was quick to point out that the price is notwithstanding "wrestling with this carmine resistance area at $48,700," and needs to come across it flipped to back up if the bulls promise to push button the toll 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 in a higher place $50,000

The importance of a shut above $50,000 was also stressed past 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 calendar month for Bitcoin to climb college" and indicated that the current environs and technical signals advise that BTC has the potential to establish a new all-time high in the side by side 4 weeks if it can articulate the $50,000 hurdle.

Related: Bitcoin moves past $49K as Facebook, Instagram, and WhatsApp become down

The electric 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 post-obit chart highlighting the current trading range to determine the best areas in which to open long positions.

BTC/USD 1-day chart. Source: Twitter

George said:

"Looking for longs as shut to range low as possible. Target range loftier and daily supply ~ 55k ish."

The overall cryptocurrency market cap now stands at $2.158 trillion and Bitcoin'south potency rate is 42.9%.

The views and opinions expressed here are solely those of the author and exercise not necessarily reverberate the views of Cointelegraph.com. Every investment and trading move involves take a chance, you should conduct your own research when making a decision.