Bitcoin (BTC) Makes so called great swipe back† We have warned of this in the previous few market updates. The resistance in the $44,000-45,000 area is still very high, as it was two and three weeks ago.
Bitcoin price makes decline
wed tapping Bitcoin price Briefly at $45,000, but was promptly rejected and then dropped to below $44,000. Bitcoin hit $43,500 yesterday morning and seemed to be there for a while the support to find. However, when Bitcoin returned to $44,000 yesterday afternoon, the price started to drop again.
Bitcoin dropped from $44,000 to $42,500 and found support there, just like three weeks ago. But this time, the support failed to hold and Bitcoin dropped further to $42,000 a few hours later. There, Bitcoin made a small recovery back to $42,500, but fell after another moment.
Bitcoin actually reached $41,500 last night, which means the price is 5% at the minus. Bitcoin is holding out here for now. The price briefly dropped to $41,100 but immediately recovered and was at $41,600 at the time of writing. Binance and 37,700 euros in Petavavo†
Fear in financial markets is on the rise again
Retreat is somewhat a recurrence of a situation a few weeks ago. Then the price was also declined between $44,000 and $45,000. Initially, $42,500 held and bitcoin recovered to $44,000. Bitcoin couldn’t hold on to that and then fell back to $38,000 and even briefly dropped to $34,500 due to the outbreak of the war.
Bitcoin Index for Fear and Greed is 33. Fear
Current price: 42,190 dollars pic.twitter.com/JvfDnE50p0
– Bitcoin Fear and Greed Indicator 🇺🇦 (BitcoinFear) March 4, 2022
We see that fear and uncertainty are gradually increasing in the cryptocurrency market and confidence is declining, because the situation in Ukraine continues to escalate and the sanctions are tightening. Although we have recently seen an increase in small investors who buy BTCthis time it is whales Who hesitate according to environmental measurements:
Small fish pile up. Whales are not. no momentum for # bitcoin†
– ecoinometrics (ecoinometrics) March 4, 2022
Meanwhile, the rapid rise in energy costs has people worried about a possible recession. This also makes investors hesitant:
Not every recession is driving a 50% rise in crude oil.
But every 50% rise in crude has led to a recession. pic.twitter.com/PN3vWuzQj9
– Jim Bianco biancoresearch.eth (@biancoresearch) March 3, 2022
In addition, it appears that the Moscow Stock Exchange, or MOEX, remains closed today for the fifth consecutive day. It is now the longest shutdown ever and people are even afraid of the death of the Russian stock market.
Snapshot of the Russian economy: The investment expert goes on air and says his current career path is to work as “Santa Claus” and then drink to death in the stock market. with translation. pic.twitter.com/XiPVTSUuks
– Peter Liakhov (@peterliakhov) March 3, 2022
Bitcoin Analysts Still Optimistic
Despite this, there is still a lot of trust among Bitcoin analysts. It is currently hoped to recovery from the current price. Currently, the 50-day exponential moving average is around $41,700. However, the question is whether the price will have enough momentum to finally break out of the current range under $45,000. However, if bitcoin continues to fall, it should now have a huge support at $38,000.
– rickus (@rickus_trades) March 4, 2022
Since we fell below the Uptrend Support Range, we have tried 4 times to break above it again. # bitcoin
The upside support range remains strong resistance, but eventually liquidity (sellers) dries up in this range. # encrypt
Uptrend band support
$43,743 – $46,455 pic.twitter.com/X9zCZl53Id
– Plan ©️ (TheRealPlanC) March 4, 2022
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