Bitcoin (BTC) fell further at the start of the new week as the lack of bullish momentum triggered new lows near $ 44,000.
Bitcoin threatens to lose $ 44,000 in “demand zone”
Data from Cointelegraph Markets Pro and TradingView showed test levels of the BTC / USD pair that analysts are demanding to hold as support.
After a weekly close below the key 50-day and 200-day moving averages, the pair seemed less and less likely to get them back in shorter periods of time.
For the Cointelegraph contributor, Michael van de Poppe, the bullish crossover of the two averages, known as a “golden cross”, was still in play. Nevertheless, There was “no guarantee” that the event that was taking place would produce bullish behavior.
“I think we are going to have a top of this cycle … next year, in April-May.”, he predicted, giving a new, more far-reaching timetable for the BTC / USD pair to see its top cycle.
In the meantime, $ 44,000 and $ 47,000 form the support and resistance levels to observe a bullish and bearish continuationadded.
For the Rekt Capital trader and analyst, $ 44,000 was equally important, forming the lower limit of a “demand area” between buyers.
“BTC’s recent weekly close was not technically bad as it occurred above the orange demand area. However, BTC is now diving further into the demand area “, commented in an accompanying chart on Monday.
“That being said, this area of demand has not yet been lost. As long as the demand area holds, BTC won’t hit $ 40K. “
Cardano’s 10% losses lead a new altcoin slide
Altcoins fared worse than Bitcoin overnight, with the top 10 led by 11% 24-hour losses in Cardano (ADA), which fell to $ 2.41.
Top altcoin Ether (ETH) lost 6%While the only saving grace for investors was Polkadot’s DOT, which at the time of this writing was holding on to the 4% upside.
“Many altcoins have made favorable weekly closes, indicating retests should follow”, added Rekt Capital on the latest movements.
“Right now, retests are failing, currencies are threatening to lose key supports. But it’s early in the week. Normal retest volatility could easily turn out.”
In the meantime, the trader Scott Melker express your concerns about the weak dominance of the Bitcoin market, arguing that the new altcoins were artificially diluting their stance.