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

cointelegraph.com:

March 4 saw another day of seesaw price action for Bitcoin (BTC) and the wider cryptocurrency market as the global economic fallout from the ongoing conflict in Ukraine weighs heavily on a majority of the world’s financial markets. 

Data from Cointelegraph Markets Pro and TradingView shows that after holding $41,000 in the early trading hours on March 4, a wave of selling in the afternoon dropped the price of BTC below $39,100.

Here’s a look at what several analysts have to say about the outlook for BTC moving forward as the world faces a period of increased economic uncertainty.

According to Rekt Capital, $43,100 is an important level for BTC because the last time Bitcoin closed below this level on the weekly chat, its “price rejected to the red $38,000 area for a retest.”

Rekt Capital said,

Further insight into which technical indicators traders have their eye on was provided by independent market analyst Scott Melker. Melker posted the following chart and highlighted the importance of the 50-day moving average (50 MA).

Melker said,

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

Michaël van de Poppe, another independent market analyst, presented a set of important resistance zones to keep an eye on should the price of BTC stage a weekend recovery recovery. Van de Poppe posted the following chart and noted that “Bitcoin is correcting as tensions around Ukraine are increasing, and fear is increasing too as gold is rushing upwards.”

van dePoppe said,

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

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