March 4 was another turbulent day for the price of 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 Cointelegraph Markets Pro and TradingView show that following holding $41,000 in the early hours of trading on March 4, a wave of followingnoon selling pushed BTC price below $39,100.
Here is what various analysts are saying regarding the prospects for BTC going forward as the world faces a period of much economic uncertainty.
A new visit to USD 38,000
According to Rekt Capital, $43,100 is an important level for BTC because the last time the cryptocurrency closed below this level on the weekly chart, its “price rejected the red zone of $38,000 for another pullback.”
Rekt Capital said:
“After a weekly close below the black at $43,100, BTC is possibly positioning itself for a similar price path.”
Traders say to watch the 50-day MA
Independent market analyst Scott Melker provided more insight into the technical indicators that traders watch. Milker posted the chart below and highlighted the importance of the 50-day moving average (50-MA).
Melker said:
“Humans and bots alike are watching the 50-MA on the daily chart to see if it holds up. I have some bids there. It’s the blue line below price for those of you who don’t know.”
Upper resistance at $43,100
Michaël van de Poppe, another independent market analyst, presented a set of important resistance zones to watch out for should the BTC price rise over the weekend. Van de Poppe public chart below and noted that “Bitcoin is correcting as tensions around Ukraine rise, and fear is also rising as gold plunges higher.”
van dePoppe said:
“We may see a bounce, if we do I am looking at $43,100-43,500 as a potential resistance point. Markets in general are unstable, altcoins are also falling.”
The total market capitalization of cryptocurrencies currently stands at $1.76 trillion and the dominance rate for Bitcoin is 42.7%.
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