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

March 4 saw different time of seesaw terms enactment for Bitcoin (BTC) and the wider cryptocurrency marketplace arsenic the planetary economical fallout from the ongoing struggle successful Ukraine weighs heavy connected a bulk of the world’s fiscal markets. 

Data from Cointelegraph Markets Pro and TradingView shows that aft holding $41,000 successful the aboriginal trading hours connected March 4, a question of selling successful the day dropped the terms of BTC beneath $39,100.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look astatine what respective analysts person to accidental astir the outlook for BTC moving guardant arsenic the satellite faces a play of accrued economical uncertainty.

A imaginable retest of $38,000

BTC/USD 1-week chart. Source: Twitter

According to Rekt Capital, $43,100 is an important level for BTC due to the fact that the past clip Bitcoin closed beneath this level connected the play chat, its “price rejected to the reddish $38,000 country for a retest.”

Rekt Capital said,

“Upon a play adjacent beneath the achromatic astatine $43,100, BTC whitethorn perchance beryllium positioning itself for a akin terms trajectory.”

Traders accidental support a adjacent oculus connected the 50-MA

Further penetration into which method indicators traders person their oculus connected was provided by autarkic marketplace expert Scott Melker. Melker posted the pursuing illustration and highlighted the value of the 50-day moving mean (50 MA).

BTC/USD 1-day chart. Source: Twitter

Melker said,

“Humans and bots alike are watching the 50 MA connected the regular to spot if it volition hold. Got immoderate bids there. That's the bluish enactment beneath price, for those who don't know.”

Related: Bitcoin declines with US stocks arsenic atomic menace ripples done markets

Overhead absorption astatine $43,100

Michaël van de Poppe, different autarkic marketplace analyst, presented a acceptable of important absorption zones to support an oculus connected should the terms of BTC signifier a play betterment recovery. Van de Poppe posted the pursuing illustration and noted that “Bitcoin is correcting arsenic tensions astir Ukraine are increasing, and fearfulness is expanding excessively arsenic golden is rushing upwards.”

BTC/USD 1-hour chart. Source: Twitter

van dePoppe said,

“Might beryllium seeing a bounce, if we do, I'm looking astatine $43,100-$43,500 arsenic a imaginable absorption point. Overall shaky markets, altcoins dropping too.”

The wide cryptocurrency marketplace headdress present stands astatine $1.76 trillion and Bitcoin’s dominance complaint is 42.7%.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.