Bitcoin slides under $39K, leading some traders to forecast a weekend ‘oversold bounce’


March 4 noticed one other day of seesaw value motion for Bitcoin (BTC) and the broader cryptocurrency market as the worldwide financial fallout from the continuing battle in Ukraine weighs closely on a majority of the world’s monetary markets. 

Knowledge from Cointelegraph Markets Professional and TradingView reveals that after holding $41,000 within the early buying and selling hours on March 4, a wave of promoting within the afternoon dropped the worth of BTC beneath $39,100.

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BTC/USDT 1-day chart. Supply: TradingView

Right here’s a have a look at what a number of analysts should say in regards to the outlook for BTC shifting ahead because the world faces a interval of elevated financial uncertainty.

A possible retest of $38,000

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BTC/USD 1-week chart. Supply: Twitter

In accordance with Rekt Capital, $43,100 is a vital degree for BTC as a result of the final time Bitcoin closed beneath this degree on the weekly chat, its “value rejected to the purple $38,000 space for a retest.”

Rekt Capital mentioned,

“Upon a weekly shut beneath the black at $43,100, BTC could presumably be positioning itself for the same value trajectory.”

Merchants say maintain a detailed eye on the 50-MA

Additional perception into which technical indicators merchants have their eye on was offered by impartial market analyst Scott Melker. Melker posted the next chart and highlighted the significance of the 50-day shifting common (50 MA).

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BTC/USD 1-day chart. Supply: Twitter

Melker mentioned,

“People and bots alike are watching the 50 MA on the every day to see if it should maintain. Acquired some bids there. That is the blue line beneath value, for many who do not know.”

Associated: Bitcoin declines with US shares as nuclear menace ripples by markets

Overhead resistance at $43,100

Michaël van de Poppe, one other impartial market analyst, offered a set of essential resistance zones to regulate ought to the worth of BTC stage a weekend restoration restoration. Van de Poppe posted the next chart and famous that “Bitcoin is correcting as tensions round Ukraine are rising, and worry is rising too as gold is dashing upwards.”

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BTC/USD 1-hour chart. Supply: Twitter

van dePoppe mentioned,

“May be seeing a bounce, if we do, I am taking a look at $43,100-$43,500 as a possible resistance level. Total shaky markets, altcoins dropping too.”

The general cryptocurrency market cap now stands at $1.76 trillion and Bitcoin’s dominance price is 42.7%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a choice.