Bitcoin (BTC) closes the week with a new retracement that takes it away from $ 40K. The leading cryptocurrency has not been able to hold above the level after the jump last Tuesday, and since then it has fallen by more than 10%. As of press time, the price of BTC is $ 36,738.
Despite the latest correction, specialists have highlighted some technical aspects of the market to take into account for the coming weeks. BTC continues to see a growing prominence among long-term investors (or “hodlers “), who are those who have taken the fall as a possibly unrepeatable “buying opportunity” on the market’s upward path. This trend was also accompanied by a decline in retail sales, which suggests a gradual withdrawal by speculators.
Crypto analyst Will Clemente commented in Anthony Pompano’s newsletter that the BTC accumulation process continues to strengthen. “Long-term holders continue to collect discounted BTC, the accumulation continues to grow stronger,” commented the expert, although he acknowledged that “there is still a lack of new institutional or high-net worth buyers.”
In view of the near future, the commentator noted that “the coming weeks are crucial for BTC as to the directionality of the broadest metric, but the process of re – accumulation still looks bullish in the medium term”.
“We would expect the price to remain in the mid and high zone of $ 30,000 next week, but the medium and long-term configuration (the next few weeks) looks increasingly bullish. In the very short term, the USD 41K – USD 42K is a crucial level to break, which serves as technical resistance and where the 200DMA is located”, completed Clemente.
The altcoin market also suffered heavy losses today. Ether (ETH), the second largest cryptocurrency on the market, fell more than 6% and its price is around USD 2,250. Dogecoin (DOGE) fell to the same extent, trading below $ 0.28.
Cardano ( ADA ), XRP , bitcoin cash ( BCH ) and litecoin ( LTC ) followed down 5%, trading at USD 1.42, USD 0.80, USD 570 and USD 159 respectively. Finally, Binance coin (BNB) posted a decrease of 4% and its current price is USD 349.