Tuesday, December 5, 2023

Market Watch March 8: Bitcoin faces resistance at $39,000, takes bearish stance

With resistance at $39,000, the bitcoin price is bearish and expected to slip further over the next 24-hours. There are several factors besides the prevailing geopolitical tensions between Russia and Ukraine. The US’s plans for an executive order to outline Washington’s strategy for cryptocurrencies are expected this week.

Crypto Tony, a crypto trader highlighted a bearish perspective for the current price and shared a chart on Twitter about the potential for a capitulation into the low $20,000s for bitcoin. The analyst believes that unless they start claiming some important supply zones, this should be considered. A choppy B wave will catch may off guard.

Other analysts pointed out that bulls failed to regain control. This led to more tests of the downside yesterday; the next support was at $38,000. At the time of writing this article, BTC was up by 1.62% in the last 24-hours and was trading at $38,812, as per data from CoinMarketCap. The current market structure shows a downside that should follow over the next few days as bears regain control.

Ben McMillan, the chief investment officer for IDX Digital Assets, told CoinDesk that bitcoin is surrounded by a lot of bad news. But there is some upbeat as investors are passionate about the two largest cryptos – bitcoin and ethereum – by market cap, over other digital assets. McMillan highlighted that with bitcoin below the $40,000 mark, buyers are showing more interest.

Ethereum has gained 1.17% over the last 24-hours and is trading at $2,562. The altcoins are in the green. Terra Luna has gained 3.38%, Avalanche is up by 3.68%, Cardano by 0.26%, and Solana by 2.54%. Litecoin and NEAR Protocol have also gained. The meme coins Dogecoin and Shiba Inu are also in the green, having gained 0.23% and 0.89% respectively.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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