Bitcoin label rejection at $39K and mounting regulatory concerns tank the market again

BTC label rejects shut to $40,000 as traders draw back at an upcoming Biden administration executive verbalize on crypto laws.

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Bitcoin price rejection at $39K and mounting regulatory concerns tank the market again

Volatility and choppy label circulate persevered to dominate the cryptocurrency market on March 7 and files that United States President Joe Biden plans to model an executive verbalize later this week that will outline the executive’s map for cryptocurrencies changed into once added to the list of issues weighing down crypto costs. 

Recordsdata from Cointelegraph Markets Pro and TradingView displays that Bitcoin (BTC) bulls were thwarted in an are trying to regain enhance at $40,000 on Monday as revelations about the upcoming executive verbalize and the ongoing warfare in Ukraine tanked the market and dropped BTC to a low of $37,155.

BTC/USDT 1-day chart. Source: TradingView

Here’s what plenty of analysts available within the market are announcing about the outlook for BTC and whether or not or not crypto traders can savor to prepare for a long endure market.

Are there signs of capitulation?

A bearish point of view for the recent label circulate changed into once outlined by crypto trader and pseudonymous Twitter person ‘Crypto Tony’, who posted the next chart outlining the chance of a capitulation into the low $20,000s for BTC if the recent enhance levels break down.

BTC/USD 1-day chart. Source: Twitter

Crypto Tony stated,

“Except we open claiming some essential supply zones, then here is one thing that ought to be realizing of. This choppy B wave will gain many off guard…”

Making an are trying to hunt down a bounce at $36,000

A more optimistic seize on the recent weakness changed into once offered by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the next chart outlining a imaginable pullback in BTC label to the low $36,000 range.

BTC/USDT 4-hour chart. Source: Twitter

van de Poppe stated,

“Properly, Bitcoin is correcting composed after a rejection at $39,200. Assuming we’re going to seize the low for some liquidity sooner than we now savor of endeavor of some upwards momentum.”

Technical proof that the BTC label could per chance also quickly mount a recovery changed into once highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who posted the next chart noting that “My favourite signal is recent – bullish divergence with oversold RSI on the 4-hour chart.”

BTC/USD 4-hour chart. Source: Twitter

Melker stated,

“That stated, label if reality be told wishes to bag above the $39,600 to handbook certain of hidden bearish divergence, so it is if reality be told hard to bag too furious. These divs can form fairly a lot.”

Associated: Ethereum risks crashing under $2K as ETH paints bearish ‘symmetrical triangle’ — Analyst

BTC can steer certain of a endure market above $29,000

An are trying to position those fascinated about the chance of a endure market at ease changed into once made by crypto analyst and pseudonymous Twitter person ‘Opinion C’, who posted the next chart and suggested that “other americans wish to pause spreading misinformation.”

BTC/USD accumulation zones. Source: Twitter

Opinion C stated,

“Bitcoin is NOT in a endure market. Above 29okay = Mid-Cycle Accumulation. Below 29okay = Hang Market. Since when will we attach within the next excessive and better low in a endure market? Here’s crypto, outmoded TA definitions of a endure market (

The total cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance price is 42.3%.

The views and opinions expressed listed below are fully those of the author and invent not necessarily command the views of Cointelegraph.com. Every funding and buying and selling pass entails chance, that it is doubtless you’ll savor to habits your accept as true with research when you opt.

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