Bitcoin (BTC) stayed below some critical support zones over the weekend after a late sell-off pushed the $40,000 mark. The range is still wide open for Bitcoin price action, which has seen a familiar rejection from the $45,000 region this week. Analyst Filbfilb, who previously correctly predicted the $3,150, $6,500, $10,000 and $3,800 levels in BTC, warns. For details cryptocoin.com keep reading.
“Bitcoin hangs on the cliff”
Data from TradingView charted a lackluster chart for Bitcoin on Saturday, with BTC holding around $39,000 after hitting $38,600. Traders had hoped that the various price points above $40,000 would be enough to stabilize the market after its latest run to $45,200.
However, the quotes failed to hold the trend and sent Bitcoin back to the middle of the range it was moving into throughout 2022. Crypto analyst Matthew Hyland shared the following on Twitter:
Bitcoin has been hanging on the edge of a cliff for the past few hours.
“If BTC fails to hold in the area around $39,500…”
In a market update released Friday, renowned analyst Filbfilb highlighted $36,000 as a potential short target if the area around $39,500 fails to hold. Also, the famous analyst said that Bitcoin is ‘still range bound at the macro level’. But crypto analyst William Suberg says the support is there as an ‘rising wave’ that seems fit to protect long-term structures.
Among them, according to William Suberg, was the 200-week moving average (MA), currently above $20,000 and rising; this should provide definitive support as macro markets experience something akin to the March 2020 Covid crash in sentiment. Filbfilb advises:
Systematic risk is high in the market. As a result, volatility should be expected and transactions should be evaluated by considering the volume and duration of the transaction.
Bitcoin drop from short-term panic?
In a YouTube video, crypto analyst Michaël van de Poppe, who also observes the macro environment, discusses the impact of the Ukraine-Russia conflict and its knock-on effects around the world. The analyst argues that due to short-term flights to security, gold and the US dollar profited against Bitcoin (BTC), but adopted below the surface. The analyst comments:
At this stage, we see Bitcoin dropping significantly. Why? The reason for this is short-term panic.
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