Bitcoin is struggling to reclaim the $50K level after it extended losses on Friday in the wake of a rising dollar and a spike in the U.S. Treasury yields.
The spot BTC/USD exchange rate is currently down 3.75% and looks set for an equally depressive weekend session given its current lack of bullish momentum.
The king coin started a fresh decline below the $49,000 support level after forming a short-term top near $52,600. There was a break below the $48,000 support level as downward pressure on the cryptocurrency mounted amid expectations of modest job growth in the U.S.
As of this article’s writing, bitcoin is trading in the red at its price of $47,957. The bulls must now fight to keep the price above $46,500 to avert the chances of more losses.
BTCUSD Chart by TradingView
In case the coin slips further into the red, the next support sits near $45K, below which the bears could aim for a test of $43K over the weekend.
Bloomberg Chief Analyst Is Still Bullish on BTC
Bitcoin has spent most of this week consolidating just under $50K as March, the bloodiest month in the top crypto’s history, seemingly starts to take its toll.
However, one top Bloomberg analyst sees the current sluggish price action as just a preparation phase before the next major leg up.
Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone recently tweeted that BTC was building a foundation at $50K as it continues to see increased adoption from institutions.
“Grayscale #Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation,” McGlone forecasted.
Another pseudonymous crypto trader gave a more modest yet bullish prediction for the BTC price trajectory in the near future.
In a March 4th tweet, the analyst pointed to a bull run fractal that shows a “cheat sheet” for the crypto market over the past few months. From his analysis, the trader predicted that when bitcoin finally reclaims the critical psychological level at $50K, it might give bulls the confidence to rally toward $77K.
ETH Price Dives Below $1,500
The ETH price showed some bearish signs on Friday after failing to stay above $1,600 support. The altcoin even plunged below $1,500 against the U.S. Dollar as the bulls seemingly lost control of its price movement.
The second-largest crypto is now trading for $1,518 and must clear $1,550 to move into a positive zone in the weekend session.
ETHUSD Chart By TradingView