Bitcoin Price Analysis: Market Renews Decline on Sunday
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Following a relatively bullish Saturday, Bitcoin (BTC) has resumed its bearish journey as it nears the $40K level again. As expected, altcoins had it even worse on Sunday, with most of the top 50 coins recording over 5% in losses.
The past few days have proved very difficult for the primary cryptocurrency. Until last Friday, BTC struggled to regain some bullish traction following its $8.5K crash due to the Evergrande saga earlier last week. However, these efforts got thwarted after the Chinese government reiterated its ban on crypto assets. This announcement sent the primary cryptocurrency on a sharp correction below the $41K area.
This correction sent Bitcoin’s market cap back below the $800 billion price point. However, its market dominance remained close to 43%, indicating that altcoins had it worse with the bearish market.
Meanwhile, Ethereum (ETH) remained below $2,900 and trades down by over 17% in the past seven days. Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE) all suffered massive declines too with -4.45%, -5.45%, -3.47%, -7.72%, -8.58%, -4.87%, press time data.
Key Bitcoin Levels to Watch — September 26
After falling below the critical $41K level earlier today, BTC has shown significant strength by posting a speedy rebound towards the $42K figure. This rebound comes after the emergence of a double-bottom pattern on our hourly chart, indicating that $43K could come into view soon. A resurfacing above the $43K mark could accelerate a bull run to the $45K psychological level in the coming days.
Despite having begun the day on a bearish foot, we expect BTC to end today on a bullish note. Also, we expect the $41K pivot zone to deter any sustained bearish move over the coming days.
Meanwhile, our resistance levels are at $43,000, $44,000, and $45,000, and our key support levels are at $41,000, $40,500, and $40,000.
Total Market Capitalization: $1.89 trillion
Bitcoin Market Capitalization: $795.3 billion
Bitcoin Dominance: 42.1%
Market Rank: #1
