Bitcoin loses $40K as BTC price support levels give way to 1-week lows

Bitcoin (BTC), which was sold late to bulls at $40,000, remained below critical support zones through the weekend.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC loses support in the upper range

Cointelegraph Markets Pro and TradingView data showed a bleak picture of BTC/USD on Saturday. The pair was hovering around $39,000 after hitting lows at $38,600.

Traders hoped that prices above $40,000 would stabilize the market following its recent run to $45,200.

However, the trend was not maintained by the bids, which sent Bitcoin back to the middle in the range it had been acting throughout 2022.

#Bitcoin is hanging onto the edge of a cliff the past few hours
Matthew Hyland (@MatthewHyland_), March 5, 2022

Filbfilb, the co-founder and market analyst of Decentrader’s trading suite, highlighted $36,000 as a target for shorts if the $39,500 area fails to hold. This was ultimately true.

He had stated that Bitcoin was “still rangebound at a macro-level,” but support was available as a “rising tide,” which seemed apt to protect long-term structures.

These included the 200-week moving Average (MA) which is now at $20,000 and rising. This should give definitive support for macro markets that experience sentimental crashes similar to the March 2020 Covid crash.

Filbfilb advised that there is a high level of systematic risk in the market and that traders should expect volatility.

“Short-term panic”

Cointelegraph contributor Michael van de Poppe also looked at the macro environment, and in a lengthy YouTube video discussed the global impact of the Ukraine-Russian conflict and its knock-on consequences.

Similar: Price analysis 3/4: BTC. ETH. BNB. XRP. LUNA. SOL. ADA. AVAX. DOT. DOGE.

He argued that gold and the U.S. Dollar were making short-term safety gains at Bitcoin’s expense. However, Bitcoin adoption was actually taking place beneath the surface.

“At the moment, Bitcoin is falling significantly. What is the reason for this? He explained that it was short-term panic.

Van de Poppe stated that both Bitcoin and altcoins are in for a revival as more people use them. This began with Bitcoin, before moving into DeFi assets.

The losses suffered by Bitcoin on daily timeframes were minimized by major altcoin tokens. They generally kept these losses below 5%.

At $2,650, Ether (ETH), was down 3.1% over 24 hours.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView