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Investing.com – After a bearish start to the weekend, which saw it dip to $ 40,500 on Saturday night, the cryptocurrency rebounded on Sunday, peaking at $ 42,790, but that is not enough to significantly improve its technical profile, and the risks new falls should not be overlooked.
Recall that the BTC / USD profile has deteriorated significantly since the end of December 2021, Bitcoin having sent many bearish signals, with in particular a crossing of the 50-day MA below the 100-day MA, a drop in prices below the MM 200 days, and several broken supports and trend lines.
Note also that the 50-day moving average ($ 49,620) is rapidly approaching the 200-day moving average ($ 48,260). A cross of the 50-day MA below the 200-day MA would constitute a major bearish signal called a “death cross” which could fuel bearish sentiment in Bitcoin.
In this case, the next support to consider will be the psychological threshold of $ 40,000, below which there is little credible support before around $ 37,500.
On the upside, obstacles abound, but arguably the most important are the 200-day moving average, the psychological threshold of $ 50,000, and the chart resistance of $ 52,000. Only a return above this last threshold would begin to question the current bearish profile of Bitcoin in daily data.
As for the other major cryptocurrencies, it should be noted that the situation is similar for, which came close to $ 3,000 on Saturday night, and currently stands at $ 3,170 on Monday morning, down more than 16% over a week, where Bitcoin loses “only” 10%.
Moreover, most of the top 100 cryptocurrencies, although in the green over 24 hours, still show heavy losses over the last 7 days. We can however note some exceptions, like (top 23), which takes off 31% over 7 days, or (top 24) which gains 6.65%, and (top 27) which jumps by 36%.
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