Bitcoin (BTC), which pushed toward $43,000 Wednesday, Sept. 29, was a “macropredicament” that kept bulls on their toes.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC takes another plunge below $41,000
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD traded slightly higher following a $40,000 overnight retest.
After multiple probes above $40,000, the pair showed what might be an underlying strength, but traders warned more broadly on Wednesday that little had changed.
“BTC is experiencing some recovery today, but the macro predicament still remains the same: It’s still just below 21-week EMA,” analyst Rekt Capital stated in his most recent Twitter update.
“$BTC must reclaim $43600 in order to continue the bullish momentum BTC created after it wicked into $40000 last Wednesday.”
BTC/USD 1-week candle charts (Bitstamp) and 21-week exponential moving Average (EMA). Source: TradingView
This would put Bitcoin at $43,000 for the “worst-case scenario” monthly close price. PlanB forecaster reiterated that this level was still possible.
Localized events such as Binance’s major exchange suspending withdrawals and trading for two hour for scheduled maintenance had minimal impact on spot prices.
After an extension of the initial deadline, the US lawmakers will vote on Thursday to approve the $1-trillion “infrastructure” bill.
Trend: Binance Coin flat altcoin
Altcoins held steady throughout the day with Ether (ETH), unmoved at just under $3,000.
Related: Ethereum prices fall below $3,000 again – Signs of fear
Only Binance Coin, (BNB), made any notable moves in the top 10 cryptocurrency market capitalizations after the maintenance episode was completed. This is up 7%.
Cointelegraph reported Monday that altcoins will experience a downtrend in order to cycle lows against Bitcoin over the next few months before making a comeback in 2022.