March 4 saw volatile price action for Bitcoin (BTC) and the broader cryptocurrency market. The global economic fallout from the ongoing conflict in Ukraine is thought to be weighing heavily on the majority of the world’s financial markets. BTC fell to $ 38,400 on Binance as a result of the selling wave. So, what should investors expect as we enter the weekend? As Kriptokoin.com, we are giving the details…
Rekt Capital: $43,100 is important for Bitcoin
While the world is facing a period of increasing economic uncertainty, there has been a 4% loss in the overall crypto money market. BTC is trading at $39,127, down 5.4 percent at the time of writing. $43,100 is an important level for BTC because the last time Bitcoin closed below this level in the weekly session, “price was rejected in the red $38,000 area,” according to analyst Rekt Capital. Noting the chart below, Rekt Capital used the following statements:
After Black’s weekly close at $43,100, BTC could likely be positioning itself for a similar price trajectory.
Traders, “Watch the 50-MA closely,” says
Independent market analyst Scott Melker, more on technical indicators traders should consider provided information. Melker posted the chart below, emphasizing the importance of the 50-day moving average (50 MA). According to the expert, humans and bots watch the 50 MA every day to see if it will hold up. Stating that there are some offers at this point, according to the analyst, “For those who do not know, this is the blue line under the price.”
Michaël van de Poppe, another independent market analyst, presented a number of key resistance zones to consider should the BTC price rebound over the weekend. Van de Poppe posted the chart below and said, “As tensions increase around Ukraine, Bitcoin is recovering and as gold is rising, so is fear.” “We could see a bounce, if we do, I’m looking at $43,100 and $43,500 as a potential resistance point. In generally volatile markets, altcoins are also falling,” he said.
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