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Itâs not looking good for Bitcoin bulls, at least for today, as moving averages slip from view and $40,000 begins to loom large.
Bitcoin (BTC) fell further at the start of the new week as a lack of bullish momentum sparked new lows near $44,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin threatens loss of $44,000 âdemand zoneâ
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD testing levels that analysts demand should stay as support.
After a weekly close below both the key 50-day and 200-day moving averages, the pair looked increasingly less likely to reclaim them on shorter timeframes.
For Cointelegraph contributor MichaĂ«l van de Poppe, the bullish crossover of the two averages, known as a âgolden cross,â was still on the cards. There was, however, âno guaranteeâ that bullish behavior would result from the event taking place.
âI think weâre going to have a top of this cycle⊠next year, in AprilâMay,â he forecast, giving a new, further-reaching timetable for BTC/USD to see its cycle top.
In the meantime, $44,000 and $47,000 form the support and resistance levels to watch for a continuation up and down, he added.
For fellow trader and analyst Rekt Capital, $44,000 was equally important, forming the lower boundary of a âdemand areaâ among buyers.
âThe recent BTC Weekly Close wasnât technically bad as it occurred above the orange demand area. However, BTC is now dipping deeper into the demand area,â he commented on an accompanying chart Monday.
âThat said, this demand area still hasnât been lost. As long as the demand area holds, BTC wonât see $40K.â
BTC/USD 1-week annotated candle chart (Coinbase). Source: Rekt Capital/Twitter
Cardano 10% losses lead fresh altcoin rout
Altcoins fared worse than Bitcoin overnight, with the top 10Â led by 11% 24-hour losses on Cardano (ADA), which fell to $2.41.
Related:Â Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week
The largest altcoin, Ether (ETH), shed 6%, while the sole saving grace for investors was Polkadotâs DOT, which at the time of writing was clinging to 4% upside.
ADA/USD 1-day candle chart (Binance). Source: TradingView
âMany Altcoins have performed favourable Weekly Closes, indicating that retests should follow,â Rekt Capital added about the latest moves.
âAt this time, the retests are failing, coins threatening to lose key supports. But itâs early in the week. Could easily turn out to be normal retest volatility.â
Trader Scott Melker, meanwhile, soft-peddled concerns about Bitcoinâs failing market dominance, arguing that new altcoins were artificially diluting its stance.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.