Bitcoin, Ethereum, Dogecoin Keep Most Of Last Week's Gains: Analyst Says Apex Coin Falling Below This Level Can 'Cause A Lot Of Pain'

Bitcoin and other major coins traded in the negative territory on Sunday evening, but retained most of their gains from last week, as the global cryptocurrency market cap fell 2% to $1.9 trillion.​​

See Also: How To Buy Bitcoin (BTC)

Why It Matters: After touching the $42,000 on Friday, the apex coin has held on to the $41,000 level despite witnessing a weekend dip.

“Crypto traders should be impressed that Bitcoin is still hovering around the $40,000 level despite a surging dollar, declining Bitcoin mining, and falling NFT interest,” said Edward Moya, a senior market analyst with OANDA, in a note seen by Benzinga.

“Bitcoin’s next major move will depend on if Wall Street is still able to throw billions of dollars at the space, which seemed like a foregone conclusion two months ago."

Adding to the adverse mix against Bitcoin is the raging conflict in eastern Europe. The war in Ukraine continues to intensify with Russian and Ukrainian forces engaging each other in Mariupol on Sunday. Shellfire was reported from the country’s capital Kyiv, according to a Reuters report.  

There are indications that large holders of Bitcoin are accumulating coins. Whales that hold $10 BTC or lower have been adding to their chests since May 2021, according to a Santiment tweet from Sunday. Whales holding more than 10 BTC are falling in number, the market intelligence platform said.

Amsterdam-based cryptocurrency trader Michaël van de Poppe said on Sunday the question remains where Bitcoin is “going to take liquidity.”

“If $39.6K is lost, we probably are going to see a lot of pain."

Glassnode co-founders Jan & Yann tweeted that over a longer time frame, Ethereum and the top 20 most-traded coins have outperformed Bitcoin.

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