Bitcoin (BTC) began the week with a fresh dip, marking new local lows near $ 43,400.
Bitcoin risks losing the “demand zone” at $ 44,000
Following the weekly close below the 50 and 200-day moving averages, the pair appears to be less and less likely to claim them in the near term.
According to Cointelegraph collaborator Michaël van de Poppe, thebullish cross of the two averages, known as “golden cross,” is still among the options. However, “nothing guarantees” that the event will result in a bullish move.
“I believe we will see the top of this cycle… next year, in April-May,” he predicted, offering a new, broader roadmap for the BTC / USD market cycle.
For trader and analyst Rekt Capital, $ 44,000 is just as important, forming the lower bound of a “demand zone” among buyers.
“BTC’s recent weekly close is not technically bad as it sits above the orange demand zone. However, now BTC is slipping into the demand zone, ” commented Monday sharing a chart.
“That said, this question zone has not yet been lost. As long as the demand zone holds, BTC will not see $ 40,000. “
Cardano’s 10% loss drives altcoin correction
Altcoins fared worse than Bitcoin, with the top 10 led by a 10% daily loss for Cardano (THERE IS), which slipped to $ 2.37.
Related: ‘Bearish Pennant’ Breakdown Confirmed? Five aspects of Bitcoin to keep an eye on
The largest altcoin, Ether (ETH), lost 8%, and even Polkadot’s DOT, the only token in the top 10 to lose less than Bitcoin, fell by 2%.
“Many altcoins have tracked favorable weekly closes, indicating that retests should follow,” he added Rekt Capital on recent movements.
“At the moment, retests are failing, and many assets are in danger of losing crucial support. However, the week has only just begun and may turn out to be normal retest volatility. “
Trader Scott Melker, meanwhile, he belittled concerns about Bitcoin’s dominance on the declining market, stating that new altcoins are artificially diluting its position.
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