Bitcoin (BTC) remained below some critical support areas over the weekend after a delayed sell-off cost bulls over $40,000.
BTC/USD hourly candlestick chart (bit stamp). Source: Trading View
BTC Upper Band Support Levels Crashed
Data from Cointelegraph Markets Pro and TradingView painted a bleak picture for BTC/USD on Saturday, as the pair hovered around $39,000 after hitting a low of $38,600.
Traders were hoping that the various prices above $40K would be enough to stabilize the market after the recent rally to $45,200.
However, in this case, the bidders failed to maintain the trend, sending bitcoin back into the middle of the territory it was in during 2022.
In a market review released on Friday, Filbfilb, co-founder of the Decentrader trading package, highlighted $36,000 as a potential short position target if the $39,500 range does not hold – something it ended up doing.
He said bitcoin “was still within the macro level range”, but the support was in the form of an “tide” that appears to be able to sustain the long-term structures.
Among them was the 200-week moving average (MA), which is now above $20,000 and is rising, which should provide the ultimate support as macro markets witness something similar to the Covid crash in March 2020 in terms of sentiment.
“The systemic risk in the market is high, and as a result, volatility must be anticipated, as well as the size and duration of the agreement,” Philphelp said.
‘Short term panic’
The macro environment was also monitored by Cointelegraph contributor Mikael van de Poppe, who discussed the impact and consequences of the Ukraine-Russia conflict around the world in an expanded YouTube video.
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He claimed that due to short-haul flights to security, gold and US dollars were earned at the expense of bitcoin, but there was acceptance on the surface.
“At this point, we see Bitcoin dropping dramatically. Why? This is because of the short-term panic,” he said.
Van de Poppe added that as another nod to the March 2020 events, both bitcoin and altcoins should experience a renaissance as their use increases, starting with bitcoin and then expanding into DeFi assets.
Big altcoins have managed to avoid Bitcoin’s losses on the daily time frames, generally keeping it below 5%.
Ether (ETH) is down 3.1% in 24 hours at the time of writing to $2,650.