Talented analyst Peter Brandt, who often shares his analysis of Bitcoin and rarely mentions other cryptocurrencies, made a statement about the current state of the Bitcoin market and the jumps in volatility shown by the BTC price. Brandt believes that Bitcoin is not currently in the bull market that started in February of this year when it started climbing above the previous ATH level of $20,000. Other experts William Suberg and Rekt Capital identify critical levels for BTC bulls…
BTC price is in broad congestion zone, according to Peter Brandt
According to the Bitcoin legend, the world’s leading cryptocurrency is currently in a broad congestion zone, starting from the highs reached in February. Going back to the second month of 2021, Bitcoin was trading between $36,000 and $54,000. On February 21, BTC peaked at $57,719 and then dropped to $43,694 on February 28. Brandt added that trading in FOMO-based congestion zones can be costly entertainment.
A bearish pattern on the Bitcoin chart
Earlier today, Peter Brandt shared a screenshot of a Bitcoin chart and asked his numerous followers to guess what pattern is currently forming on the BTC chart. Some suggested it could be a Bear Flag pattern or a “golden cross” pullback, but none of the commenters gave the correct answer. Peter Brandt left his riddle unanswered and his followers puzzled.
Bitcoin tests key support for $40,000 drop
Bitcoin bulls are not looking good, at least for today, according to analyst William Suberg as the MAs are falling out of favor and the BTC price is starting to approach $40,000. It fell further at the start of the new week as a lack of bullish momentum led to new lows around $44,000. Rekt Capital shared this price range for critical levels:
BTC threatens $44,000 ‘demand zone’ loss
Data from TradingView showed BTC/USD test levels that analysts should remain as support. After the weekly close below both the 50-day and 200-day key MAs, BTC seemed less and less likely to retrace these levels on shorter timeframes, according to Suberg. Also, for Michaël van de Poppe, the bullish cross of the two MAs known as the “golden cross” was still in the cards. However, there was “no guarantee” that bullish behavior would result from the event that took place. Poppe added:
I think this will be the best of the cycle… Next year, April – May”, he prepared a new comprehensive timeline for BTC/USD to see the cycle top.
Meanwhile, $44,000 and $47,000 form support and resistance levels to watch for a continuation up and down. For fellow trader and analyst Rekt Capital, $44,000 was equally important, forming the lower bound of a “demand area” among buyers. Rekt Capital shared the following comment and graph on an accompanying chart on Monday:
The last BTC Weekly Close was technically not bad as it happened above the orange demand area. However, BTC is now diving deep into the demand area. However, this area of demand still has not disappeared. As long as the demand area continues, BTC will not see $ 40 thousand.
Cardano led the fix with 10%
Altcoins outperformed Bitcoin overnight, with Cardano (ADA) in the top 10 dropping 11% in 24 hours to $2.41. The largest altcoin, Ethereum (ETH), was down 6%, while the only saving grace for investors was Polkadot (DOT), which was up 6.61% at the time of writing. Rekt Capital added the following for the latest price movements:
Many Altcoins have had positive Weekly Closes, indicating that retests are needed. Currently, retests are failing, cryptocurrencies are threatening to lose key support. But at the beginning of the week. Normal retest fluctuations can easily occur.
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