{"id":2374,"date":"2022-03-05T20:27:55","date_gmt":"2022-03-05T20:27:55","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2374"},"modified":"2022-03-05T20:27:55","modified_gmt":"2022-03-05T20:27:55","slug":"bitcoin-loses-40k-as-btc-price-support-levels-give-way-to-1-week-lows","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2374","title":{"rendered":"Bitcoin loses $40K as BTC price support levels give way to 1-week lows"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed below some critical support zones into the weekend after a late sell-off cost bulls the $40,000 mark.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Upper range support levels crumble for BTC<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0painted a lackluster picture for BTC\/USD Saturday, the pair lingering near $39,000 after seeing lows of $38,600.<\/p>\n<p>Traders had hoped that various price points above $40,000 would be sufficient to steady the market after its latest run to $45,200.<\/p>\n<p>In the event, however, bids failed to preserve the trend, sending Bitcoin back to the middle of a range in which it had acted throughout 2022.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin is hanging onto the edge of a cliff the past few hours pic.twitter.com\/dAD2AveTOi<\/p>\n<p>\u2014 Matthew Hyland (@MatthewHyland_) March 5, 2022<\/p>\n<p>In a market update released Friday, Filbfilb, co-founder of trading suite Decentrader, had highlighted $36,000 as a potential target for shorts should the area around $39,500 fail to hold \u2014 something which ultimately proved to be so.\u00a0<\/p>\n<p>Bitcoin, he had said, was &#8220;still rangebound on a macro level,&#8221; but support was there as a &#8220;rising tide,&#8221; which looked apt to preserve long-term structures.<\/p>\n<p>Among these was the 200-week moving average (MA), now above $20,000 and rising, which should provide definitive support as macro markets experience something similar to the March 2020 Covid crash in terms of sentiment.<\/p>\n<p>&#8220;Systematic risk in the market is high and as a result, volatility should be expected and trade size and duration should be considered with this in mind,&#8221; Filbfilb advised.<\/p>\n<h2>&#8220;Short-term panic&#8221;<\/h2>\n<p>Also eyeing the macro environment was Cointelegraph contributor Micha\u00ebl van de Poppe, who in an extended YouTube video discussed the impact of the Ukraine-Russia conflict and its knock-on effects worldwide.<\/p>\n<p><strong><em>Related:\u00a0Price analysis 3\/4: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE<\/em><\/strong><\/p>\n<p>Due to short-term flights to safety, he argued, gold and the U.S. dollar were profiting at Bitcoin&#8217;s expense, yet under the surface, adoption was taking place.<\/p>\n<p>&#8220;At this stage, we&#8217;re seeing that Bitcoin is dropping down significantly. Why is that? That&#8217;s because of short-term panic,&#8221; he said.<\/p>\n<p>In another nod to the events of March 2020, both Bitcoin and altcoins should be in for a renaissance as usage increases, Van de Poppe added, this beginning with Bitcoin before expanding into DeFi assets.<\/p>\n<p>Major altcoin tokens managed to avoid the extent of Bitcoin&#8217;s losses on daily timeframes, broadly keeping these under 5%.<\/p>\n<p>Ether (ETH) was down 3.1% in 24 hours at the time of writing at $2,650.<\/p>\n<p><em>ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-loses-40k-as-btc-price-support-levels-give-way-to-1-week-lows\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed below some critical support zones into the weekend after a late sell-off cost bulls the $40,000 mark. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Upper range support levels crumble for BTC Data from Cointelegraph Markets Pro and TradingView\u00a0painted a lackluster picture for BTC\/USD Saturday, the pair lingering near $39,000 after seeing lows [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2374"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2374\/revisions"}],"predecessor-version":[{"id":2376,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2374\/revisions\/2376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2375"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}