Bitcoin (BTC) headed lower on Thursday subsequently an attempt to repossess $40,000 failed to garner heir-apparent support.

BTC/USD one-60 minutes candle nautical chart (Bitstamp). Source: TradingView

Aggregating recalls October 2022

Information from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to local lows of $38,700 on Bitstamp, downwardly around 1.5% in several hours.

The largest cryptocurrency had benefited considerably from remarks by Gary Gensler, the new Chair of the Us Securities and Exchange Commission, on Tuesday, just momentum stalled at the psychologically meaning $40,000 marker.

Thursday's dip took away the prospect of flipping the 21-calendar week exponential moving average (EMA) — 1 of several eyed by analysts this week — as firm new back up.

Meanwhile, on-chain indicators one time once more contrasted with middling BTC toll action. In detail, Thursday revealed the extent of long-term holder (LTH) Bitcoin accumulation, this reaching new all-time highs: More than of the BTC supply was now in the hands of LTHs than e'er before.

"Previous balderdash markets were triggered when LTH supply reached between 63.6% and 71.v% although often after many months at these levels," Glassnode, which produced the data, added in comments.

"LTHs currently hold 66% of the $BTC supply."

Proportional long- and short-term holder supply chart. Source: Glassnode/Twitter

Traders bullish on Ether after hard fork

On altcoins, Ether (ETH) dominated the conversation amid bullish forecasts for fresh price gains, while the ETH/BTC pair is headed for its third consecutive light-green weekly candle.

Related: Altcoins and DeFi tokens push higher as Bitcoin price falters at $40K

Ethereum's token could reach new local highs in the coming months afterwards its latest successful hard fork, analysts forecast as strength against Bitcoin connected.

ETH/BTC striking 0.0693 on Midweek, the appointment of the hard fork deployment — its highest in nearly two months.

A local resistance point, the 0.07 BTC level has withal to reappear since the Bitcoin-inspired marketplace drawdown began in May.

All the same, amongst altcoins, ETH has exhibited notable strength against Bitcoin, and its hard fork, London, referred to as Ethereum Improvement Proposal (EIP) 1559, should catalyze performance farther.

For the short term, however, a run a risk to consolidate recent gains is on the cards, say traders.

"I'chiliad expecting a curt-term acme to be happening tomorrow on ETH," Cointelegraph correspondent Michaël van de Poppe told Twitter followers Wednesday.

"Salubrious correction after EIP-1559 before the heaviest bull run of them all happens."
ETH/BTC 1-day candle chart (Bitstamp). Source: TradingView