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

Traders gaze for a weekend oversold bounce after BTC tag sold-off and hit an intraday low at $38,750.

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

March 4 noticed but every other day of seesaw tag circulate for Bitcoin (BTC) and the broader cryptocurrency market because the enviornment financial fallout from the ongoing struggle in Ukraine weighs heavily on a majority of the sector’s monetary markets. 

Info from Cointelegraph Markets Professional and TradingView reveals that after maintaining $41,000 in the early shopping and selling hours on March 4, a wave of selling in the afternoon dropped the price of BTC below $39,100.

BTC/USDT 1-day chart. Source: TradingView

Right here’s a gaze at what loads of analysts want to claim about the outlook for BTC involving ahead because the sector faces a length of elevated financial uncertainty.

A possible retest of $38,000

BTC/USD 1-week chart. Source: Twitter

In step with Rekt Capital, $43,100 is a a must-enjoy level for BTC since the final time Bitcoin closed below this level on the weekly chat, its “tag rejected to the red $38,000 home for a retest.”

Rekt Capital said,

“Upon a weekly shut below the black at $43,100, BTC would possibly maybe well well moreover maybe be positioning itself for a identical tag trajectory.”

Traders mutter preserve a shut secret agent on the 50-MA

Extra perception into which technical indicators traders enjoy their secret agent on changed into once offered by fair market analyst Scott Melker. Melker posted the next chart and highlighted the importance of the 50-day involving average (50 MA).

BTC/USD 1-day chart. Source: Twitter

Melker said,

“Folks and bots alike are looking out on the 50 MA on the day-to-day to watch if this would possibly maybe well well moreover care for. Got some bids there. That is the blue line below tag, for folk that do now not know.”

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

Overhead resistance at $43,100

Michaël van de Poppe, but every other fair market analyst, presented a plight of vital resistance zones to care for an secret agent on must mute the price of BTC stage a weekend recovery recovery. Van de Poppe posted the next chart and renowned that “Bitcoin is correcting as tensions round Ukraine are rising, and awe is rising too as gold is rushing upwards.”

BTC/USD 1-hour chart. Source: Twitter

van dePoppe said,

“Would be seeing a bounce, if we develop, I am looking out at $43,100-$43,500 as a possible resistance level. Overall shaky markets, altcoins shedding too.”

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

The views and opinions expressed listed below are entirely those of the creator and develop no longer necessarily replicate the views of Cointelegraph.com. Every funding and shopping and selling transfer entails possibility, it’s good to always mute conduct your possess compare when making a choice.

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