Altcoins sell-off as Bitcoin price drops to its ‘macro level support’ at $38K
BTC price fell below $38,000 as tech stocks sold off and traders watched cautiously to see if Bitcoin can hold its “macro-level support” zone.
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BTC price fell below $38,000 as tech stocks sold off and traders watched cautiously to see if Bitcoin can hold its “macro-level support” zone.
Markets took a turn for the better after BTC reclaimed $40,000 and the excitement over Elon Musk buying Twitter translated to a 20% pump for DOGE price.
Mounting concerns about the state of the global economy and traders' risk-off sentiment continue to weigh on Bitcoin price.
Bitcoin’s breakout above $42,000 was short-lived, leading some analysts to suggest that swing trading BTC’s range is the smartest move for now.
On-chain data suggests that the market has “already capitulated” and traders identify a bullish technical analysis pattern with a breakout target near the $41,300 level.
$40,000 remains a hurdle for BTC price, but traders still agree that the current range is a zone for accumulation.
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BTC price tumbled back under $40,000 as on-chain metrics indicate dwindling demand from new investors and long-term holders largely dominate the market.
Traders say the threat of a lengthy bear market is heightened after BTC price drops to $39,200.
Veteran trader Scott Melker breaks down his crypto portfolio and explains why layer-1 protocols should play a central role in everyone’s investment strategy.