As altcoins bleed, Bitcoin tests the key level of $40,000 BTC price decline


Bitcoin (Bitcoin) Fell further at the beginning of the new week, as the lack of bullish momentum triggered a new low close to $44,000.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin threatens to lose $44,000 in the “demand zone”

Data from Cointelegraph Markets Pro with Transaction view It shows that the BTC/USD test level required by analysts should continue to serve as support.

After closing below the critical 50-day and 200-day moving averages every week, it seems increasingly unlikely that the currency pair will recover them in a shorter time frame.

For Cointelegraph writer Michaël van de Poppe, Bullish crossover One of these two averages, called the “Golden Cross”, is Still on the cardHowever, there is no guarantee that the occurrence of an event will lead to bullish behavior.

“I think we will reach the peak of this cycle from April to May next year,” he predicted, and gave a new and more far-reaching timeline for BTC/USD to see the peak of its cycle.

He added that at the same time, US$44,000 and US$47,000 have formed support and resistance levels to see if they continue to rise and fall.

For traders and analysts Rekt Capital, $44,000 is equally important and constitutes the lower limit of the buyer’s “demand area”.

“The recent weekly closing price of BTC is not technically bad because it happened above the orange demand area. However, BTC is now going deep into the demand area,” he said. Comment On Monday’s accompanying chart.

“In other words, this demand area has not disappeared. As long as the demand area remains the same, BTC will not see $40,000.”

BTC/USD 1-week annotated candlestick chart (Coinbase).Source: Rekt Capital/Twitter

Cardano’s 10% loss caused the new altcoin to rout

Overnight, altcoins performed worse than Bitcoin, ranking in the top 10 Cardano loses 11% in 24 hours (Have), fell to US$2.41.

related: Confirmation of bearish pennant breakdown?5 things to watch for Bitcoin this week

The largest altcoin, Ether (Ethereum), down 6%, and the only life-saving straw for investors is Polkadot’s DOT, which at the time of writing this article insists on a 4% upside.

ADA/USD 1-day candlestick chart. Source: TradingView

“The weekly closing prices of many altcoins performed well, indicating that a retest should be done,” Rekt Capital Add to Regarding the latest trends.

“At this time, the retest fails and the token may lose key support. But it is earlier this week. It is easy to prove that it is normal to retest volatility.”

Meanwhile, trader Scott Melker (Scott Melker) Peddled Concerns about the failure of Bitcoin’s market dominance, believing that new altcoins are artificially downplaying their positions.