Volatility and price volatility continued to dominate the cryptocurrency market on March 7, with news that US President Joe Biden plans to sign an executive order later this week. This review of the government’s strategy towards cryptocurrency has been added to the list of factors driving cryptocurrency prices down.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) bulls faced hurdles in their attempt to rebuild support at $40K on Monday, as an upcoming executive order was revealed and the ongoing conflict in Ukraine in the market slashed BTC to little. $37,155. .
BTC/USDT 1-day chart. Source: Trading View
Here’s what a few market analysts have to say about the BTC outlook and whether crypto traders should prepare for an extended bear market.
Are there signs of surrender?
The bearish view of the current price action was put forward by a crypto trader and Twitter user under the pseudonym “Crypto Tony,” who posted the following chart showing the potential for a capitulation in front of the $20,000 low for BTC if the current support levels are broken.
BTC/USD 1 day chart. Source: Twitter
If we do not start to claim some important areas of supply, this must be taken into account. This choppy B wave will put many on guard.”
I’m looking for a recovery to $36000
Analyst and Cointelegraph contributor Mikael van de Poppe gave a more bullish view on the current weakness, as he published the following chart showing a possible drop in the price of BTC to $36,000.
BTC/USDT on the 4 hour chart. Source: Twitter
Van de Poppe
“Okay, Bitcoin is still targeting a low of $39,200. Assuming we take the lowest level of liquidity before we have a chance of any upward momentum.”
Technical evidence that BTC price could improve soon was highlighted by cryptocurrency trader and podcast host The Wolf of All Streets Scott Melker, who posted the following chart and noted that “my favorite signal is there – bullish divergence with RSI at peak Selling on the 4-hour chart.
BTC/USD on the 4-hour chart. Source: Twitter
“However, the price really needs to rise above $39,600 to avoid a hidden bearish bias, so it’s very difficult to get too excited. These divas can build up a bit.”
Related Topics: Ethereum Risk Drops Below $2K as ETH Draws Bearish ‘Symmetrical Triangle’ – Analyst
BTC Might Avoid the Over $29,000 Bear Market
In an effort to appease those worried about the possibility of a bear market, a crypto analyst and Twitter user named “Plan C” posted the following chart and suggested that people “stop spreading misinformation.”
BTC/USD accumulation areas. Source: Twitter
C sa plan,
“Bitcoin is not in a bear market. Above 29,000 = mid-cycle buildup. Below 29,000 = bear market. Since when do we enter higher tops and higher bottoms in a bear market? (<200d), not applicable.” The total cryptocurrency market cap is now $1.66 trillion and the Bitcoin dominance rate is 42.3%.