Bitcoin (BTC) fell below the critical support of $44,000 on Monday as concerns about China spread to the crypto markets.
1 hour candlestick chart BTC/USD (Bitstamp). Source: TradingView
BTC price drops due to support
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell 2% in one hour, hitting a local low of around $43,400.
The pair ran into difficulties ahead of a new week when shares tumbled in line with renewed concerns from Chinese real estate giant Evergrande.
Amid a general move away from risky assets, a few winners topped the US dollar that day.
However, for Bitcoin analysts, this drop is still not worth focusing on, as the market remains quite strong.
Trader and Analyst Rekt Capital responded on Twitter: “This drop in BTC is not sharp.”
“Your emotional reaction to her shouldn’t be exaggerated either.”
Others were surprised by the extent of bitcoin’s losses.
However, $44,000 was the first significant level of buyer support that could not stop Bitcoin’s slide.
Thus, a look at the buying and selling levels on the major exchange, Binance, revealed levels close to $40,000 as the next streak of interest for buyers.
Buying and selling level of BTC/USD (Binance) as of September 20th. Source: Physical Indicators.
Ether returns to $3,000 in altcoin track
Meanwhile, altcoins are better than bitcoin with daily losses of over 10% of the top 10 cryptocurrencies by market cap.
On the topic: “Best Bear Market Ever” – 5 Things to Watch for in Bitcoin This Week
Ether (ETH) is challenging the $3,000 support at the time of writing, while XRP is the worst performer, down 14% on the day.