Bitcoin Backpedals To $22,000 Region Amid Worries About Silvergate
08 March 2023 - 1:29AM
NEWSBTC
Key on-chain measures provided resistance throughout the first week
of March, thus dampening the excitement of Bitcoin traders. Over
the course of the previous week leading up to the beginning of
February, Bitcoin (BTC) had been trading at roughly $23,500. Today,
the largest cryptocurrency by market capitalization is facing a
retest of the $22,000 level, which would benefit the short
sellers. Bitcoin’s price has been pretty stable over the past few
weeks despite the fact that it has struggled to gain traction at
the $22K mark over the past several months. Bitcoin Feeling The
Pressure At $22K Level Related Reading: Shiba Inu Is The Crypto Of
Choice By Top 100 Ethereum Whales – Here’s Why Bitcoin’s price on
Monday fell below a key support level around $22,200. At the time
of writing, Bitcoin was trading at $22,360, down 4.54% in the last
seven days, and with a market cap of $431.7 billion, data from
crypto market tracker CoinMarketCap shows. Source: CoinMarketCap
BTC was down nearly 10% in the last two weeks, and down 4% in the
last 30 days, data from Coingecko shows. Source: Coingecko
Silvergate Concerns Grow In recent days, Bitcoin has been trading
over $22,400, firmly within the narrow range it has occupied since
last week, when traders sold off $78 million worth of long bets in
the face of worries about Silvergate Capital. Following the
announcement of a 40% decrease in its personnel, the
California-based company made a “risk-based” decision to stop its
Exchange Network. Silvergate stated in a filing last week that
recent developments, particularly the collapse of the FTX exchange
and following regulatory measures, had raised concerns about the
bank’s capacity to “remain as a going concern.” Other companies,
like as Coinbase and Paxos, severed relations with the bank in the
days that followed. Bitcoin and other cryptocurrencies were
relatively unchanged on Monday, hovering below previous levels out
of worry that constraints on crypto-focused institutions could have
an influence on the markets. Bitcoin’s price was trading sideways
for most of the last week as the market continued to process
Silvergate and prepared for what is expected to be encouraging
economic news from China this week. BTC total market cap at $431.6
billion on the daily chart | Chart: TradingView.com Related
Reading: These 5 Cryptos Are Set To Break The Bears’ Backs This
Week BTC Forecast Jeff Dorman, chief investment officer at digital
asset investment firm Arca, wrote in a Monday newsletter that the
stability of the cryptocurrency market in recent days suggests that
last week’s price drop may have been the result of a single seller
(or small group of sellers) rather than a market-wide panic. While
BTC/USD has been consolidating around $22,200, a break below
$22,000 might trigger a more severe correction. Meanwhile, some
analysts continue to forecast that BTC will reach $25,000 in the
short term, with on-chain data indicating several causes for price
volatility at higher levels. -Featured image from VICE
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