A certain weekend oversold bounce was seen in the market regarding Bitcoins, and there was a huge dip in the prices making the prices go down to $38,750. In the seesaw of price fluctuations in the market, it is expected that Bitcoin will hit a unique ‘Oversold Bounce’ very soon.
With ongoing conflict, the prices fluctuate a lot.
With the ongoing conflict between Ukraine and Russia, The progress of Bitcoin has been fluctuating a lot. As a result, the cryptocurrency saw a huge dip suddenly on March 4. According to the Cointelegraph Markets Pro, The crypto was at $41,000 early in the morning of March 4. But the prices dropped suddenly, and it came down to $38,750 in the evening.
Analysts are predicting a huge dip, and it might even cause an uncertain oversold bounce in the Bitcoin market. For example, the price of $43,100 was a fundamental level for the Bitcoin market, and when it went down to $38,000, it is expected that the price would have reached the red area.
Analysts have requested to keep an eye on 50-MA
The traders are looking forward to the dip in the market, and it is advised to keep an eye on 50-MA. The 50-day moving average will give accurate data on the ups and downs of the Bitcoin market. The overall market currently stands at $1.76 trillion. Bitcoin has a dominance rate of 42.7%. According to the sources, Bitcoin is being influenced by the war going on in Ukraine. The market is getting down, and hence soon, there might be a huge jump seen with crypto in the coming days. Even the prices in other markets, such as the prices of gold, are also fluctuating. Therefore, it might be a good time to invest in the market for a long time.