Bitcoin (BTC) has fallen further since the beginning of the week, evoking a new low of around $ 44,000 due to a lack of bullish momentum.
Can $ 44,000 break?
According to data from Cointelegraph Markets Pro and TradingView, BTC / USD is testing a level that should remain as support.
After falling below both the significant 50-day and 200-day MAs on a weekly basis, it appears that even a short time frame is less likely to regain prices.
Cryptocurrency trader Michael van de Poppe said a bullish crossover between the two averages known as the “golden cross” is still possible. However, there is “no guarantee” that bullish behavior will occur as a result of this event.
On the other hand, regarding the time when the Bitcoin price will reach the high level in the current half-life cycle, it is newly predicted that it will reach the top of the current cycle from April to May next year.
But in the meantime, he pointed out that $ 44,000 and $ 47,000 will be at support and resistance levels, watching the ups and downs continue.
Colleague trader and analyst Rekt Capital argues that $ 44,000 is just as important and forms the “demand area” boundary between buyers.
“The recent BTC weekly closing price wasn’t technically bad as it occurred above the orange demand area, but BTC is now deep into the demand area,” he commented with a chart. There is.
“That said, this demand area hasn’t been lost yet. As long as the demand area is maintained, BTC will not fall to $ 40,000.”
Cardano plunge leads to altcoin plunge
Altcoin has fallen significantly more than Bitcoin, with Cardano (ADA) leading a 24-hour loss of 11% in the top 10 currencies by market capitalization, dropping to $ 2.41.
“Many altcoins have reached a favorable weekly closing price, indicating that retesting should continue,” Rekt Capital added.
“At this point, the retest has failed and the coin could lose key support, but it’s still early in the week. It could be the volatility of a regular retest.”
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