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- March 4th witnessed a significant swing in the price of the flagship cryptocurrency; meanwhile, the worldwide financial markets suffered consequences as the tension deepened between Russia and Ukraine.
- BTC dropped below $39,100 after a selling wave hit in the afternoon of March 4th. While RektCapital says $43,100 is an important level for Bitcoin’sBitcoin’s price.
- An independent market analyst, Van de Poppe, says as the Bitcoin price drops due to the Russian attack on Ukraine, fear will also increase as the price of Gold also surges high.
As the broader impact can be seen on the majority of financial markets worldwide due to the ongoing Russian invasion of Ukraine, the fourth day of March witnessed a wide swing in the price of flagship currency.
As per the TradingView data, after trading at $41,000 in the early hours of March 4th, the price of BTC dropped below $39,100 after a selling spree in the afternoon.
Several Analysts commented on the current momentum of the BTC as the financial markets around the world face uncertainty.
50-Day Moving Average Is Significant
Scott Melker, an independent market analyst, offered some insights into the traders’ friendly technical indicators. Melker, with the help of a chart, explained the significance of the 50-day moving average(50 MA).
Melker explains that all eyes, including bots, are on the 50 MA to see if it will hold. There are some bids there. He also pointed out that it’s blue for those who don’t know.
$38,000 Area For A Retest Says RektCapital
$43,100 is an important level for Bitcoin’sBitcoin’s price, according to RektCapital. It explains that the last time it dropped below this level on the weekly chart, the BTC price declined to the red $38,000 area for a retest.
Further, Rekt Capital predicted that the BTC might be positioning itself for a similar price graph, “Upon a weekly close below the black at $43,100.”
$43,100-$43,500 As A Potential Resistance Point
Another independent market analyst, Michaël van de Poppe, highlighted various significant resistance zones to keep under the radar to know whether the BTC price will recover till the weekend. With a chart, Van de Poppe observed that with the Russian invasion of Ukraine, Bitcoin is dropping, and fear is also heightening while the Gold is rushing upwards.
Further, Van de Poppe says he is looking at $43,100-$43,500 as a potential resistance point; a bounce can also be seen on the horizon at further inspection.
The total market cap of overall cryptocurrency now stands at $1.76 trillion. Meanwhile, the dominance of Bitcoin is 42.7%.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
