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

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

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

BTC/USDT 1-day chart. Supply: TradingView

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

A possible retest of $38,000

BTC/USD 1-week chart. Supply: Twitter

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

Rekt Capital mentioned,

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

Merchants say maintain an in depth eye on the 50-MA

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

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 is going to maintain. Obtained some bids there. That is the blue line beneath worth, for individuals who do not know.”

Associated: Bitcoin declines with US stocks as nuclear threat ripples through markets

Overhead resistance at $43,100

Michaël van de Poppe, one other unbiased market analyst, introduced a set of necessary resistance zones to keep watch over ought to the value 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 growing, and worry is growing too as gold is dashing upwards.”

BTC/USD 1-hour chart. Supply: Twitter

van dePoppe mentioned,

“May be seeing a bounce, if we do, I am $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 below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a choice.