On Wednesday, September 29, Bitcoin stayed in a bearish zone and extended its losses to a $41K price level. Likewise, Ethereum remained at $2K pulling altcoins down.
The world’s largest cryptocurrency by market cap declined 1.65% to $41,853.20 with a 24-hour change of $710.73.
Currently, Bitcoin has a market capitalization of $787.17 billion. It has a 24-hour volume of $29.73 with $40,783.73 low and $42,759.11 high.
In early trading, BTC started to plunge under $42,000 and settled beneath the 100 hourly simple moving average.
A break below the level of $41,200 was formed but bulls guarded the $40,750 support zone.
Then, a low was created close to $40,772, which is a rising turning point where Bitcoin exceeded the levels of $41,200 and $41,500.
Additionally, there was a break over the $23.60% Fibonacci retracement level of the previous fall to $40,774 low from $44,327 high.
Now, Bitcoin is still trading under $42,500 and the 100 hourly simple moving average. On the uptrend, its swift resistance is just about the level of $42,00.
Moreover, its first major resistance is close to $42,100. Also, there is a main bearish trend line launching with resistance near $42,100 based on the BTC/USD pair hourly chart.
An analyst stated that if Bitcoin fails to clear the resistance area of $42,100, the price could proceed with a downward trend.
He also added that immediate support on the downside would be close to the level of $41,200.
Then, BTC’s main breakdown foundation is near $40,750 where a close under the support level of $40,750 could lead to $40,000.
Any more losses after this might spark an even bigger fall towards the $38,000 price level.
Ethereum Remains at $2K as Bitcoin Slips
Furthermore, Ethereum lost 2.64% to $2,869.38 with a market capitalization of $337.42 billion and a 24-hour volume of $16.74 billion.
Likewise, altcoins plummeted as BTC and ETH stayed in a bearish zone.
Litecoin plunged 2.17% to $143.95 with a market capitalization of $9.60 billion and a 24-hour volume of $2.77 billion.
Also, Bitcoin Cash fluctuated 1.66% to $483.64 with a market capitalization of $9.10 billion and a 24-hour volume of $1.31 billion.
Consequently, Chain Link decreased 1.69% to $22.97 with a market capitalization of $10.42 billion and a 24-hour volume of $1.09 billion.
In addition, Cardano tumbled 4.36% to $2.06 with a market capitalization of $65.96 billion and a 24-hour volume of $3.20 billion.
