Bitcoin loses support, altcoins stall again – Steady Lads

Bitcoin's rebound above $80,000 quickly gave way to a new decline. In his analysis from November 9, Cara, professional trader at the helm of Steady Lads, reviews the levels that Bitcoin and altcoins have just lost. In particular, he monitors the market's reaction to the publication of American inflation, while the charts still give few clues about the end of the decline. Let’s start analyzing the premium platform of Journal du Coin.

The crypto market records new lows, Bitcoin loses $76,000

The market capitalization excluding stablecoins, measured by the TOTAL.ES index, records new lows on the weekly chart. It returns to the level of the March peak. However, the market has crossed this zone several times in both directions since. Cara therefore gives it little weight as support, that is to say as a level likely to slow down the decline.

Bitcoin has also lost an important benchmark. After a rebound to around $81,000, the price dropped below $76,000 and ended the week near $74,000. Cara locates the next chart support marked around $66,000. This level serves as a benchmark if the decline continues.

However, a rebound can form higher, particularly around $70,000, if buyers return. At this point, he prefers to observe their reaction before taking a position.

Altcoins are also falling against Bitcoin

Altcoins have also lost dollar support. Cara places their next support zone around $430 billion in capitalization, a level where prices stabilized this summer. If the market falls there quickly, it envisages a short-term rebound. At the same time, altcoins broke the trend that supported them against Bitcoin since the beginning of May. Their weakness can therefore also be seen in relation to BTC.

On the Ethereum side, last week's rebound stopped near a former support which is now blocking the rise. Further down, the $1,950 zone catches Cara’s attention: it corresponds to both an old low and the passage of a trend line followed since 2022.

Against Bitcoin, ether is also entering a zone where a rebound is possible, after an attempt to rise which ran out of steam.