Bitcoin slide to $37,000 on March 7 sparked some purchasing interest, resulting in a price bounce to $39,000 on March 8. Surprisingly, the upward sloping trendline that served as an accumulation zone for traders in 2022 was the origin of the upside retracement move. Price Fall Signals Retracement Bitcoin price established another lower high on the 4-hour chart, showing that bears are still in control and that more loss is likely. Today is set to provide a breath of relief and let some steam out of the pressure cooker that is Ukraine, with global markets still anxious and on edge. As this favorable news is picked up and turned into another round of bullish uplift for the cryptocurrency, expect more decompression going into the U.S. session. Over the last few days, bitcoin’s price has suffered a significant retreat from its latest major swing high of $45,600. The initial decline of roughly 15% sent BTC/USD to $39,000, and the pair was tested further on the negative over the weekend. BTC/USD 4-hour chart. Source: TradingView Despite being mildly oversold at 45.6, the 14-day RSI appears to be headed for the 47 level, which has previously served as resistance. If price strength reaches this level, BTC/USD will likely trade towards the $40,000 barrier, with a breakout likely to rekindle bullish sentiment. Despite bears probing the downside again yesterday, bearish momentum has slowed. Related Article | Risk Aversion Pulls...
