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Bitcoin (BTC) Price Fumbles as Bears Corner Bulls

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Bitcoin (BTC) Price Fumbles as Bears Corner Bulls
  • A wave of selling pushed the price of BTC below $39,100.
  • Bitcoin has been down 5.82% in the last 24 hours.

On March 4th, Bitcoin (BTC) and the larger cryptocurrency market had another day of volatile price action, further exacerbated by global economic ramifications from the continuing crisis in Ukraine. A wave of bears selling pushed the price of BTC below $39,100, according to data gathered by CoinMarketCap. As the globe enters a moment of heightened economic instability, many experts were not optimistic about BTC’s future.

Bitcoin (BTC) Price Fumbles as Bears Corner Bulls Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
BTC/USDT: Source: TradingView

Analyst Views on BTC

Previously, when Bitcoin’s weekly chat price closed below $43,100, the “price rejected to the red $38,000 area for a retest,” according to Rekt Capital.

Rekt Capital said:

“Upon a weekly close below the black at $43,100, BTC may possibly be positioning itself for a similar price trajectory.”

Independent market expert Scott Melker gave more insight into the technical indications that traders keep an eye on. Melker emphasized the significance of the 50-day moving average (50 MA).

Another independent market analyst, Michael van de Poppe, has provided a series of significant resistance zones to monitor if the price of BTC rises over the weekend. According to the expert, it seems that “Bitcoin is correcting as conflicts surrounding Ukraine are escalating, and anxiety is rising too as gold hurries higher.”

Bitcoin prices are falling on Friday, adding to the declines that have already occurred in the last two trading days. There aren’t enough bulls to keep the price over $40,000; thus, Bitcoin is projected to continue its downward trend. According to CoinMarketCap, the Bitcoin price today is $38,950.43 USD with a 24-hour trading volume of $27,435,668,423 USD. Bitcoin has been down 5.82% in the last 24 hours.

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