Bitcoin Tests Key Levels To $ 40,000 BTC Price Drop When Altcoins Bleed

Bitcoin (BTC) continued to fall at the start of the new week as a lack of bullish momentum hit a new low near $ 44,000.

Bitcoin threatens to lose USD 44,000 in “demand zone”

Data from Cointelegraph Markets Pro and TradingView suggest that the BTC / USD test level demanded by analysts should be seen as support.

After closing the week below the two major 50- and 200-day moving averages, it seems less and less likely that the pair will regain them anytime soon.

For Cointelegraph employee Michaël van de Poppe, the bullish crossover of the two moving averages known as the “golden cross” remains on the cards. However, there is “no guarantee” that the bullish behavior is the result of the ongoing event.

“I think we will have the peak of this cycle … next year, April through May,” he forecast, offering a new, more comprehensive schedule for BTC / USD to see the peak of the cycle.

Meanwhile, $ 44,000 and $ 47,000 are forming support and resistance levels to look for a continuation up and down, he added.

For the retailer and analyst Rekt Capital, $ 44,000 is just as important and forms the lower limit of the “demand zone” among buyers.

“BTC’s recent weekly close is technically not bad as it happened over the orange demand zone. However, BTC is now penetrating deeper into the demand zone, ”he said commented on an accompanying chart on Monday.

“But this area of ​​demand has not yet been lost. As long as the demand area holds, BTC will not see $ 40,000. “

Cardano 10% loss leads to new alternative altcoin route

Altcoins outperformed Bitcoin overnight, with the top 10 leading Cardano (ADA) with a loss of 11% in 24 hours, falling to $ 2.41.

Related: Bearish Pennant Problem Confirmed? 5 things to see in Bitcoin this week

The largest altcoin, Ether (ETH), is down 6% while the only salvation for investors is Polkadot’s DOT, which is up 4% at the time of this writing.

“Many Altcoins have made cheap weekly closes, which indicates that new tests will follow,” said Rekt Capital Add about the latest moves.

“At this point the retests fail, coins run the risk of losing important supports. But it’s the beginning of the week. Can easily become normal retest volatility. “

Trader Scott Melker, on the other hand peddler concerned about Bitcoin’s failed market dominance, claiming that new altcoins are artificially watering down its stance.