Volatility and price volatility continued to dominate cryptocurrency markets on March 7. News that the United States President Joe Biden will sign an executive order later in the week to outline the government’s strategy regarding cryptocurrencies was also added to the list.
Cointelegraph Markets Pro and TradingView data show that Bitcoin (BTC), bulls failed to regain support at $40,000 Monday. This was due to revelations about an executive order and ongoing conflict in Ukraine. BTC dropped to $37,155 on Monday.
BTC/USDT 1-day chart. Source: TradingView
Here are the views of market analysts on the outlook for BTC.
Are there any signs of capitulation
Crypto trader and pseudonymous Twitter User ‘Crypto Tony’ posted the following chart, which shows a bearish view of the current price action. It highlights the possibility for a capitulation to the low $20,000s for BTC should the current support levels fail.
BTC/USD 1-day chart. Source: Twitter
Crypto Tony said.
“Unless we begin claiming important supply zones, this is something that should be considered.” This choppy B wave will take many off their guard
A bounce for as low as $36,000
Analyst and Cointelegraph contributor Michael van de Poppe posted this chart, which shows a possible pullback of the BTC price to the low $30,000.
BTC/USDT 4-hour chart. Source: Twitter
van de Poppe said,
After a rejection at $39,000., Bitcoin is still correcting. Assuming that we will take the low for liquidity before we can have some upward momentum.
Scott Melker, crypto trader and host of The Wolf of All Streets podcast, highlighted technical evidence suggesting that BTC prices could soon recover. He posted the following chart, noting that “my favorite signal is present – bullish divergence oversold RSI in the 4-hour chart.”
BTC/USD 4-hour chart. Source: Twitter
“However, the price must rise above $39,600 in order to avoid hidden bearish divergence. It’s hard to get excited about that. These divs can grow quite a lot.”
Related: Ethereum could crash below $2K as ETH paints bearish symmetrical triangle — Analyst
BTC can stay out of a bear market exceeding $29,000
Crypto analyst and pseudonymous Twitter User ‘Plan C’ attempted to calm those worried about a bear market. He posted the following chart, and suggested that people should stop spreading misinformation.
BTC/USD accumulation zones. Source: Twitter
Plan C as it is.
“Bitcoin IS NOT in a bear-market. Above 29k = Mid Cycle Accumulation. Below 29k = Bear Market. When was the last time we could put in a higher high or lower low in a bear-market? This is crypto. Traditional TA definitions for a bear market (
The total cryptocurrency market is now worth $1.685 trillion. Bitcoin’s dominance rate at 42.3%.
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