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

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March 4 saw another day of seesaw price action for Bitcoin (BTC) and the wider cryptocurrency market as the global economic fallout from the ongoing conflict in Ukraine weighs heavily on a majority of the world’s financial markets. 

Data from Cointelegraph Markets Pro and TradingView shows that after holding $41,000 in the early trading hours on March 4, a wave of selling in the afternoon dropped the price of BTC below $39,100.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts have to say about the outlook for BTC moving forward as the world faces a period of increased economic uncertainty.

A potential retest of $38,000

BTC/USD 1-week chart. Source: Twitter

According to Rekt Capital, $43,100 is an important level for BTC because the last time Bitcoin closed below this level on the weekly chat, its “price rejected to the red $38,000 area for a retest.”

Rekt Capital said,

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

Traders say keep a close eye on the 50-MA

Further…

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