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.
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
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