Bitcoin (BTC) bulls didn’t see any bailout as support for $ 40,000 was imminent on Wall Street, which opened on March 4.
Traders: The market is “unstable”, but BTC can bounce back
Bitstamp BTC / USD was at its March lows of $ 40,551, with a two-day loss of 10.2%, according to data from Cointelegraph Markets Pro and TradingView.
Concerns over the security of Ukraine’s nuclear infrastructure have caused not only cryptocurrencies but also traditional markets to fall, with the S & P 500 falling 1.4% following the European index.
“Bitcoin has been fixed as tensions around Ukraine have increased, and fear has increased as gold has skyrocketed,” said Coin Telegraph contributor Michaelëlvande Poppe. Explanation With his latest Twitter update.
“There may be a bounce. If a bounce occurs, we are looking at a potential resistance point of $ 43.1-43.5K. In a generally volatile market, altcoin is also falling. . “
Looking ahead, on the other hand, the very cautious Pentoshi is macro, thanks to a combination of commodity inflation, a decline in the central bank’s ability to tame it, and the existing damage caused by the response to the coronavirus over the past two years. He warned that the outlook would look dark.
“We can already see other markets starting to show big cracks in the foundation. Hong Kong has eliminated 100% of its post-covid profits, and the European market looks like this,” he says. .. I have written In one of a series of tweets about the situation on Thursday.
“Everyone doesn’t know how to look at the past and bullish the present.”
Oil is another good example this week, with WTI reaching its highest level in the last decade and Brent reaching $ 112 a barrel. Russian oil, on the contrary, had a hard time finding a buyer, even though it was offered at a significant discount.
Price integration was “expected”
But when it comes to Bitcoin, not everyone was bearish.
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Analyzing recent chart movements, the popular account BTCfuel spy on potential rebounds already being created.
“Bitcoin seems to set up a reversal structure,” he commented, along with a chart showing two potential trajectories of BTC price behavior.
#Bitcoin Looks like you’re setting up an inverted structure
After encountering 100D MA (red), there are two possible scenarios for IMO. Stay between MAs and follow the blue scenario or below MA and follow the orange scenario pic.twitter.com/f4XvqZWVA4
— BTCfuel (@BTCfuel) March 4, 2022
Others, including fellow Twitter account Kaleo, weren’t upset either.
“As expected, we’re consolidating in the range of 40.5K to 42K, which exceeds support. We’re still expecting a bounce from this range,” he said. I have written Friday.
