Bitcoin slides under $39K, leading some traders to forecast a weekend ‘oversold bounce’

As the economic fallout from Ukraine’s ongoing conflict weighs heavily on many financial markets around the world, March 4 saw more volatility in Bitcoin (BTC), and the wider cryptocurrency market.

Cointelegraph Markets Pro and TradingView data show that BTC prices dropped below $39,100 after the initial trading hours of March 4.

BTC/USDT 1-day chart. Source: TradingView

Here are the views of several analysts on the future outlook for Bitcoin in a time of increasing economic uncertainty.

Potential retests of $38,000

BTC/USD 1-week chart. Source: Twitter

Rekt Capital says $43,100 is a crucial level for Bitcoin because Bitcoin’s last close below this level during the weekly chat was when its “price rejected to $38,000 for a retest.”

Rekt Capital said,

BTC could be on a similar price trajectory if it closes below $43,100 per week.”

Traders recommend keeping an eye on the 50MA

Scott Melker, an independent market analyst, provided further insight into the technical indicators traders are most interested in. Melker shared the following chart, and highlighted the importance the 50-day moving mean (50 MA).

BTC/USD 1-day chart. Source: Twitter

Melker stated,

“Bots and humans are monitoring the 50 MA daily to see if they hold. There were some bids. This is the blue line below the price for those who don’t know.

Related: Bitcoin falls with US stocks, as nuclear threat ripples through markets

Overhead resistance starting at $43,100

Michael van de Poppe, an independent market analyst, provided a list of resistance zones to watch out for should the price rise this weekend. Van de Poppe shared the following chart and stated that Bitcoin is correcting due to increasing tensions around Ukraine and increasing fear as gold rushes upwards.

BTC/USD 1-hour chart. Source: Twitter

van dePoppe said,

“Might see a bounce. If we do, I am looking at $43,100 to $43,500 as a potential resistance level. Markets are generally unstable, altcoins also dropping.

The total cryptocurrency market is now worth $1.76 trillion, and Bitcoin’s dominance rate of 42.7%.

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