Bitcoin (BTC) Rejected Near $40K: Weekend Price Analysis

Bitcoin still failed to reclaim $40K, struggling around the $39K mark. Most alts remain somewhat calm today.

Bitcoin tried to challenge $40K after losing $6K within a few days but failed to climb high. That had assets in the altcoin market stalling since yesterday, recording slight movements. However, Monero decoupled from broad market actions, registering a substantial price increase.

BTC Struggles beneath $40K

Indeed, the leading crypto struggled within the previous several days. The crypto recovered losses amid the Russia-Ukraine conflict recorded new monthly peaks. The upward moves had BTC touching $45K. However, bears emerged and pushed Bitcoin south again. The following days had Bitcoin on gradual losses before losing $3K late on Friday.

That way, Bitcoin dropped to a 5-day low beneath $39K. Though the crypto rebounded and approached the sought-after $40K, it stalled under the level. For now, the world’s leading crypto struggles near $39K, while its market cap stayed well beneath $750 billion.

Alts Stall

Most altcoins appear calm after the latest roller-coaster movements in the financial space. ETH went from crashing to $2.2K to surpassing $3K days later before correcting to levels of $2.6K. While publishing this article, Ethereum traded at $2,602.82. However, the alt space maintains mixed reactions.

Binance Coin, Polkadot, and Ripple stay briefly in green, whereas Cardano, Solana, MATIC, Shiba Inu, and Dogecoin lost some value over the past day. Meanwhile, ATOM, Avalanche, and Terra led the top coins within declines.

LUNA lost 2.5%, AVAX 3%, and ATOM dropped more than 4%. Monero is one of the few currencies with substantial surges as XRP sits beyond $170 following a 7% uptick.

Bitcoin’s downtrends intensified on 6 March amid geopolitical tensions and related macro weakness. TradingView and Cointelegraph Markets Pro’s data shows Bitcoin touching weekly lows following overnight volatility.

For now, Bitcoin seems ready to test $38K support at this writing, its 3-day losses nearing 12%. Moreover, the currency maintained downside trends as analysts observed a wobbling outlook on global equities.

However, some pundits had a different stance on the crypto space. Bloomberg Intelligence remained optimistic about Ether and Bitcoin.

Stay tuned for cryptocurrency updates.

By Edward Richardson
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