Data from Cointelegraph Markets Pro and TradingView painted a grim picture for BTC/USD Monday, as $38,000 support abruptly vanished after holding throughout the weekend.

#BTC Update 1h TFFirst retest of key trendline since reclaim @ $38,5k Current range $36,6k - $37,8k pic.twitter.com/sjxUv7AGlV

While threatening to invalidate analysts’ hopes of a bottom being in, the chances of a rebound to $40,000 were nonetheless good, one argued.

“Not expecting this leg to go very deep tho, should see a bounce towards 40k soon,” Crypto Ed told Twitter followers.

In a video update on the day, Crypto Ed had forecast a multi-leg downtrend continuing, with $40,000 forming the target of a relief bounce before another dive ensued, this even having the potential to take out $30,000.

“If we somehow manage to get back above $40,000 and go up, then I’m bullish; otherwise not,” he concluded, adding that it would take a “miracle” for such a bullish case to come true.

To the downside, a silver lining came in the form of increasing bids at $37,000 appearing on the Binance order book as BTC/USD drifted lower.

Data from monitoring resource Material Indicators further highlighted large transactions staying fairly constant, indicating institutional-grade investors maintaining interest in BTC exposure.

Smaller buyers, however, were in two minds at current levels.

“Some bid liquidity in the $20k range has faded upward to the $30s, but want to see a bigger concentration of bids to get market buyers off hands,” Material Indicators creator Material Scientist added in comments on a chart showing the latest action.

A Wall Street holiday, meanwhile, meant a lack