Bitcoin (BTC) fell against $ 43,000 on Wednesday, September 29, when the bulls were on the edge.
1-hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
BTC falls below $ 41,000 again
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair fell slightly after a fresh $ 40K overnight test.
The pair showed fundamental strength after several studies of the $ 40K mark, but traders more broadly warned on Wednesday that not much has actually improved.
“BTC has seen some improvement today, but the overall problem remains the same: it is still just below the 21-week moving average,” summarizes trader and analyst at Rekt Capital in his latest Twitter update.
“BTC should be able to recover $ 43,600 this week to build on the bullish momentum created by BTC after hitting $ 40,000 last week.”
Weekly BTC / USD candlestick chart (Bitstamp) with 21-week Exponential Moving Average (EMA). Source: TradingView
This level will put Bitcoin just above the $ 43,000 “worst-case scenario” price for its monthly close, which PlanB forecaster confirmed is still in effect this week.
Local events such as the halt of withdrawals by the major exchange Binance and two-hour trading due to scheduled maintenance, meanwhile, had little impact on the movement of spot prices.
In terms of total appeals, Thursday remained the day for US legislators to vote on the controversial $ 1 trillion infrastructure bill after extending the original deadline.
Binance Trending Altcoin in USD
Altcoins remained stable throughout the day, with Ether (ETH) dipping below $ 3,000.
On the subject: Signs of Fear Appear When Ethereum Price Falls Below $ 3,000 Again
Only Binance Coin (BNB) showed notable features in the top 10 cryptocurrencies by market capitalization, which grew 7% after completing its service cycle.
Cryptocurrencies are expected to decline in a deflationary cycle against bitcoin in the coming months, before returning in 2022, Cointelegraph told Cointelegraph on Monday.