FX.co ★ Trading signals for BITCOIN (BTC/USD) on March 7-8, 2022: buy above $37,500 (4/8 Murray)

Bitcoin price saw a massive drop after racking up gains over the past week, when it hit the zone 45,000 just below the 200 EMA.

After reaching the level $45,000, Bitcoin has made a technical correction, and is currently approaching 4/8 Murray at 37,500.

As the Russian invasion intensifies, last week's Bitcoin price gains were diluted, after the asset was used as a way to circumvent sanctions.

According to the daily chart, Bitcoin has strong support in the 37,500 zone. In the next few hours, as long as it remains above this level, there will be an opportunity to buy with targets towards the 21 SMA located at the psychological level of $40,000.

A break above 40,073 on the 4-hour chart could be an opportunity to buy BTC with targets at the 200 EMA around 44.373.

The eagle indicator is giving a slightly positive signal and Bitcoin is likely to take advantage of the recovery in the Nasdaq-100 and Dow Jones-30 as these are also risky assets and are bouncing. Therefore, above 37,500 there could be an opportunity to buy BTC in the next few hours.