Bitcoin saw recent highs up to the $45,000 mark but when the weekend started it was trading just under the $40,000 threshold. The crypto market remained relatively flat over the long weekend. There were few signs of a rally last week.
At the time of writing this article, Bitcoin has been down by 3.26% in the last 24-hours. It is trading at $39,001 and has lost 7.52% in the last seven days. Analysts highlighted recent lows have been just below the $39,363 area. This level represents a downside price object related to selling pressure around the $47,469 area. The downside price objectives include $39,068, $38,832, $38,602, and $35,995. Bitcoin has previously tested the $38,780 area, which represents the 61.8% retracement of the appreciating range from $32,933 – $48,240.
Experts believe traders are observing the 50-bar MA (four hourly) is bearishly indicating below the 100-bar MA. It is below the 200-bar MA. Moreover, the 50-bar MA, which is hourly, indicates below the 200-bar MA (hourly) and above the 100-bar MA.
Joe DiPasquale, the CEO of BitBull Capital, highlighted that they shared concerns around the popular crypto’s ability to maintain upward momentum. He said they had viewed the $40,000 mark as the struggling point on the downside. This has been the state of the market this week.
Ethereum, the second most popular cryptocurrency in the world, has lost 4.01% in the last 24-hours. It is currently trading at $2,915. The altcoins are in the red as the overall crypto market is experiencing a downward trend. Cardano is down by 5.71%, XRP by 5.60% and Solana has lost 4.90%. Terra LUNA and Avalanche have lost up to 6.08%. The meme coins are also in the red. Dogecoin has lost 5.46% in the last 24-hours, and Shiba Inu’s price is down by 6.07%.