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Bitcoin has fallen below $40k once more, wiping out over $200 billion from the crypto market


March 5, 2022 · By Muhammad Awwal
Bitcoin (BTC)

Bitcoin’s price has been falling in recent days, nearly reversing all gains from the previous greenish week after losing over $6K in the last four days.

The global economic consequences from the ongoing conflict in Ukraine continues to weigh heavily on a majority of the world’s financial markets, resulting in another day of seesaw price movement for Bitcoin and the wider cryptocurrency market on March 4.

According to data from Cointelegraph Markets Pro and TradingView, after reaching a high of $41,000 in the early hours of March 4, a wave of selling in the afternoon pushed the price of bitcoin below $39,100. 

As a result of the market dump, about 36k traders were liquidated across the cryptosphere in just 24 hours, bringing the total amount liquidated to more than $90 million.

Here’s what a few analysts on Twitter have to say about the future of Bitcoin as the world enters a moment of increasing economic turmoil. 

Independent market expert Scott Melker provided more insight into which technical signs traders are watching. 

$BTC

Humans and bots alike are watching the 50 MA on the daily to see if it will hold.

Got some bids there.

That's the blue line below price, for those who don't know. pic.twitter.com/E3I8q69Abo

— The Wolf Of All Streets (@scottmelker) March 4, 2022

Another independent market expert, Michaal van de Poppe, gave a series of key resistance zones to watch if the price of Bitcoin recovers over the weekend.

#Bitcoin correcting as tensions around Ukraine are increasing, and fear is increasing too as #Gold is rushing upwards.

Might be seeing a bounce, if we do, I'm looking at $43.1-43.5K as a potential resistance point.

Overall shaky markets, #altcoins dropping too. pic.twitter.com/nRydGOhvBH

— Michaël van de Poppe (@CryptoMichNL) March 4, 2022

A weekly closing below the green diagonal, according to Rekt, will confirm Bitcoin’s short-term resistance. 

If #BTC performs a Weekly Close below the green diagonal to confirm it as resistance…

Then we may see continued consolidation in to the apex of this triangle

In which case this will precede price compression

And price compression precedes volatility$BTC #Crypto #Bitcoin pic.twitter.com/NYcb1sHpLc

— Rekt Capital (@rektcapital) March 4, 2022

He went on to say… 

#BTC could dip to as low as ~$38000 and still maintain a bullish outlook going forward$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) March 4, 2022

At the time of writing, Bitcoin’s price is $39,350 USD, with a 24-hour trading volume $17,975,997,092.USD. The most popular cryptocurrency is up 1.59% in the last 24 hours, and it now has a market share of 43.03 percent. The total market capitalization of cryptocurrencies is at $1.75 trillion.

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