The price of Bitcoin managed to stay below some of the more critical zones of support into the weekend after a sell-off cost bulls the $40,000 mark. According to data received from TradingView and Cointelegraph Markets Pro, a far lackluster picture for the BTC exchange was painted on Saturday, with USD/BTC lingering near the price of $40,000 which would definitely be sufficient to steady the market after the latest run saw the price of crypto rise up to $45,200. Incidentally, however, the bids did fail to keep a major track of this trend, which sends BTC back to the range that it had moved towards- throughout 2022.
Bitcoin Aiming For DeFi expansion amidst Price Cut
In an update released by the market on Friday, Filbfilb, the co-founder of Decentrader- a trading suite, went on to highlight a sum of $36,000 as a major target for shorts if the area around the price of $39,500 fails to hold- something which did turn out to be so. Bitcoin, it was stated, was still on the fringes of a massive macro level, but support was there as a rising tide- which did look towards preserving long-term structures.
One of the major Bitcoin contributors around, Michael van de Poppe, went on to eye the macro environment. This was put forward in an extended YouTube video that discussed the impact of the conflict in Ukraine and the effects that it would herald throughout the world. Due to the major short-term flight to safety, he went on to argue that the price of gold and the USD were quite profiting at the expense of the cryptocurrency.
He further stated that the current stage would witness Bitcoin going down pretty significantly. As it stands, most traders believed that both BTC and the altcoins would be in for a major renaissance as the number of users increase. This could also lead to the expansion of BTC into DeFi assets.