Despite the fact that bitcoin has fallen below $ 39,000 in the last 24 hours, some analysts believe that the recent downward correction could lead to a return. According to these analysts, with the growth of the market, $ 43,100 will be the first serious resistance to the price.
According to the Kevin Telegraph, on March 4 (March 4) bitcoin and the entire digital currency market fluctuated again. One reason for this was the ongoing conflict between Russia and Ukraine and its impact on most global financial markets.
In the early hours of trading yesterday, bitcoin fluctuated in the range of 41,000 dollars, and in the afternoon of the same day the wave of traders selling the price of this digital currency below 39,000 dollars.
Next, given the growing mistrust of investors in the global economic situation, we will consider the views of several analysts on the future of bitcoin prices.
According to an anonymous analyst called Rekt Capital, the $ 43,100 range is a very important level for bitcoin. As you can see in the image below, the last time Bitcoin’s weekly candle closed below that level, the price of this digital currency reached $ 38,000.
Capital Company said:
Now that the last weekly bitcoin candle has closed below the $ 43,100 range, the trend may be the same in the future.
Scott Melker, a leading strategist and analyst in the field of digital currencies, points out the technical indicators that traders should watch out for. Publishing the chart below, he specifically emphasized the 50-day moving average (MA) of bitcoin.
Traders and trading bots are always looking for the 50-day moving average of bitcoins to see if bitcoin can stay higher. In the graph above, the blue line shows this indicator.
Michael van de Pope, a well-known digital currency analyst, points to the significant levels of bitcoin resistance that traders need to monitor if prices improve earlier in the week.
He posted the chart above and said:
As tensions between Ukraine and Russia escalated, bitcoin entered a phase of reform, and as gold prices rose sharply, traders’ fears grew. This adjustment is likely to be accompanied by a further jump in prices. In my opinion, if this happens, bitcoin will meet resistance in the range of $ 43,100 to $ 43,500. Markets are generally shaky and weak, and the price of coins is falling.
Analysts’ publication: The recent decline in bitcoin may be accompanied by an upward correction, first appeared in the digital currency.