March 4th saw another day of see-saw price action for Bitcoin (BTC) and the cryptocurrency market in general, as the global economic fallout from the ongoing conflict in Ukraine weighs heavily on most of the world's financial markets.
Data of Markets Cointelegraph Pro and TradingView shows that after holding $41,000 in the early trading hours of March 4, an afternoon selloff pushed the price of BTC below $39,100.
Here is a look at what various analysts have to say about the prospects for BTC moving forward as the world faces a period of heightened economic uncertainty.
A possible $38,000 retest
According to Rekt Capital, $43,100 is an important level for BTC because the last time Bitcoin closed below this level in the weekly chat, its “price was rejected to the $38,000 red area for a retest.”
rektcapital said,
“After a weekly close below the black at $43,100, BTC is possibly positioning itself for a similar price path.”
Traders say to keep a close eye on the 50-MA
Independent market analyst Scott Melker provided more insight into the technical indicators traders have on their minds. Melker aware the chart below and highlighted the importance of the 50-day moving average (50 MA).
Melker said,
“Both humans and bots are watching the 50 MA on the daily to see if it will hold. I have some offers there. That's the blue line below the price, for those who don't know."
Related: Bitcoin Falls With US Stocks as Nuclear Threat Spreads Across Markets
Overhead resistance at $43,100
Michaël van de Poppe, another independent market analyst, presented a set of important resistance zones to watch in case the price of BTC recovers over the weekend. go pope aware the chart below and noted that “Bitcoin is correcting as tensions around Ukraine rise, and fear is also rising as gold rises.”
depoppe said,
“Could be looking at a bounce, if we do, I'm looking at $43,100-$43,500 as a potential resistance point. In general, the markets are unstable, altcoins also fall."
The total cryptocurrency market capitalization is now $1.76 trillion and the dominance rate of Bitcoin is 42.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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