Bitcoin loses $44K support as stocks, Evergrande nerves hit BTC price

Sep 20, 2021 | CoinTelegraph News | 0 comments


Sentiment takes a battering amid surprise at the extent of the Bitcoin price “nuke.”

Bitcoin’s (BTC) fell below critical $44,000 support on Monday as concerns over China spilled over into crypto markets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC’s price sinks through support

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding 2% in an hour to hit local lows of around $43,400.

The pair had struggled overnight into the new week, as stocks fell in step with renewed worries over the fate of Chinese property giant Evergrande.

Amid a general shift away from risk assets, there were few winners beyond the United States dollar on the day.

For Bitcoin analysts, however, the drop was still not worth focusing on, as broad market strength remained.

“This BTC dip isn’t extreme,” trader and analyst Rekt Capital reacted on Twitter.

“Your emotional reaction to it shouldn’t be extreme either.”

Others were more surprised by the extent of Bitcoin’s knee-jerk losses.

Nonetheless, $44,000 had been the first significant buyer support level, this failing to put the brakes on Bitcoin’s slide.

A look at buy and sell levels on major exchange Binance thus highlighted levels closer to $40,000 as the next band of buyer interest.

BTC/USD buy and sell levels (Binance) as of Sept. 20. Source: Material Indicators

Ether revisits $3,000 in altcoin rout

Altcoins, meanwhile, beat Bitcoin to daily losses of over 10% for the top 10 cryptocurrencies by market capitalization. 

Related: ‘Best bear market ever’ — 5 things to watch in Bitcoin this week

Ether (ETH) was challenging $3,000 support at the time of writing, while XRP was the worst performer, down 14% on the day.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

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