BTC price support levels give way to one-week lows, resulting in a $40K loss for Bitcoin.

The range for Bitcoin price movement is still in place, with a similar rejection from the $45,000 level this week. After a late sell-off cost bulls the $40,000 level, Bitcoin (BTC) lingered below several crucial support zones throughout the weekend.

BTC's upper-range support levels are crumbling.

BTC/USD was trading at $39,000 on Saturday, according to data from TradingView, after hitting lows of $38,600.

Traders believed that different price levels over $40,000 would be enough to bring the market back down to earth following its recent surge above $45,200.

Bids, in the end, failed to maintain the trend, relegating Bitcoin to the center of a band that it had acted in throughout 2022. 

Filbfilb, co-founder of trading suite Decentrader, suggested $36,000 as a probable target for shorts in a market update issued Friday, which proved to be correct.

Bitcoin was "still rangebound on a macro level," he added, but support was coming in the form of a "rising tide" that appeared to be preserving long-term structures.

The 200-week moving average (MA), which is presently above $20,000 and increasing, could provide solid support when macro markets encounter emotions comparable to that of the March 2020 Covid fall.

"The market has a high level of systematic risk; as a result, volatility should be expected, and transaction size and duration should be assessed accordingly," Filbfilb suggested.

"Short-term panic" is a word used to describe a state of anxiety that last

Who explored the impact of the Ukraine-Russia crisis and its global ramifications in a long YouTube video, was also looking at the macro environment.

He said that gold and the US dollar were prospering at the cost of Bitcoin due to short-term flight to safety, but that adoption was taking place under the surface.

"We're seeing a huge reduction in the price of Bitcoin at this time. What is the reason behind this? This is due to a temporary panic attack "he stated

In a nod to the events of March 2020, Van de Poppe said that as usage grows, both Bitcoin and altcoins could have a revival, with Bitcoin leading the way before extending into DeFi assets. On daily timescales, major altcoin tokens managed to escape the entirety of Bitcoin's losses, with losses generally staying around 5%.

At the time of writing, Ether (ETH) was trading at $2,650, down 3.1 percent in 24 hours.


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