Traders look for a weekend oversold bounce after BTC price sold-off and hit an intraday low at $38,750.
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.
BTC/USDT 1-day chart. Source: TradingView
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.
A potential retest of $38,000
BTC/USD 1-week chart. Source: Twitter
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,
Traders say keep a close eye on the 50-MA
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).
BTC/USD 1-day chart. Source: Twitter
Overhead resistance at $43,100
Michael 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.”
BTC/USD 1-hour chart. Source: Twitter
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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