Bitcoin (Bitcoin) Fell below the critical $44,000 support level on Monday as concerns about China spread to the cryptocurrency market.
The price of BTC dropped due to support
Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell by 2% in one hour, hitting a local low of about $43,400.
Due to renewed concerns about the fate of the Chinese real estate giant Evergrande, the stock market was in trouble overnight in the new week.
In the case of generally staying away from risky assets, there were almost no winners on that day except for the US dollar.
However, for Bitcoin analysts, the decline is still not worth watching because broad market forces still exist.
“This BTC decline is not extreme,” trader and analyst Rekt Capital reacted On Twitter.
“Your emotional response to it shouldn’t be extreme either.”
Others are even more surprised by the extent of Bitcoin’s subconscious loss.
Ngl was a bit surprised to see the BTC nuclear explosion, while the funds have been at a discount, and the futures are at a spot premium. No indicator is perfect.
My guess is that the whales are overhedging over the weekend, hoping that traditional nuclear weapons will appear when the market opens on Monday.-Squeeze (@cryptoSqueeze) September 20, 2021
Nevertheless, $44,000 is the first major Buyer support levels, which failed to stop Bitcoin’s decline.
Therefore, check the buying and selling level of Binance, the main exchange, and take the level close to $40,000 as the next range of buyer interest.
Ethereum revisited the $3,000 amid altcoin crash
At the same time, among the top 10 cryptocurrencies by market capitalization, altcoins beat Bitcoin, losing more than 10% every day.
related: “The best bear market ever”-5 things to watch for Bitcoin this week
Ether (Ethereum) Challenged the support of $3,000 at the time of writing, and Ripple It was the worst performer, falling 14% that day.
