Analysts: Bitcoin is on the verge of falling to 36 thousand dollars

The price of bitcoin reached its lowest level in the last seven days a few hours ago. Analysts expect the price to continue to reach $ 36,000 again, as prices continue to fluctuate and conditions in other financial markets continue. However, the data show that current price levels are a great opportunity to buy in recent weeks.

According to the Kevin Telegraph, the price of this digital currency fell at the same time as the closing of the weekly bitcoin candle on March 6 (March 6). Meanwhile, tensions between Russia and Ukraine continue, and macroeconomic factors continue to hurt the digital currency market.

Bitcoin / dollar price chart in one day view
Bitcoin price chart in one day view.

Market data shows that the price of bitcoin has reached its lowest level in more than a week today after a sudden return of fluctuations.

Bitcoin lost nearly 12 percent of its value in three days and is now testing a $ 38,000 support level.

Despite the fact that other financial markets were closed during these two days (Saturday and Sunday), the trend of bitcoin apparently slowed down due to the downward sentiment of analysts in global stock markets.

Holger Zshapitz, a market analyst, previously warned:

Global stock markets fell $ 2.9 trillion this week as the war could cause a major shock to the market, creating a recession and inflation at the same time.

He added:

Economists have abandoned their forecasts for market growth and are talking more about inflation. The global stock market currently costs $ 110 trillion, or 130 percent of the world’s gross domestic product; Percentage that seems too high for the current situation.

Some argue that if a major overhaul of traditional financial markets begins, the weak digital currency market could fall just as much, and perhaps even this new beginning.

Pentoshi, an active trader and analyst on Twitter, predicts that, like the 1929 record, international markets will fall sharply.

However, some older experts take a completely different position. Bloomberg Intelligence, in its latest report on the prospects for the digital currency market on March 4, still has a rising view of Bitcoin and Atrium.

The report states:

Most assets are subject to sharp fluctuations in 2022, in the face of the inevitable return of the highest inflation rate in the United States in four decades, but this year may be another turning point for bitcoin. If the value of risky assets does not decrease and price pressures ease slightly, inflation is likely to remain high and central banks will have no choice but to raise bank interest rates more sharply.

Will bitcoin fall to $ 36,000 again?

Given the short-term fears and anxieties, the outlook for bitcoin has a small upward trend and shows that the current instability continues.

Jan Aleman and Jan Hapel, co-founders of Glassnode’s in-house analytics company, briefly said that Bitcoin was “at a critical juncture” when it unveiled the company’s latest version of the Uncharted bulletin.

They added:

The Relative Strength Index (RSI) shows saturation of sales and has already entered an upward trend. If the price of bitcoin does not reach over 40,000 dollars, we will see a downward trend to additional support. Support is between $ 34,000 and $ 36,000, and we expect price resistance between $ 43,000 and $ 45,000.

Bitcoin / dollar chart with relative strength index (RSI)
Bitcoin price chart with relative strength index, data on the volume of transactions within the chain and the volume of trading on exchanges.

The red circles on the chart show how good the price of bitcoin has been at current levels in recent weeks, as well as the correlation between the lower limit of the relative strength of the index and the time to reverse the price trend.

Analysts’ publication: Bitcoin is on the verge of falling to $ 36,000 appeared for the first time in digital currency.

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