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- 1 Bitcoin Price (BTC) finally reacted to the Silvergate bank news and fell below $23,000
- 2 Bitcoin cryptocurrency (BTC) has seen Long liquidation in futures worth over $62 million on 3rd March 2023
- 3 Crypto Bank Silvergate (NYSE: SI) delayed the Annual Report which is creating more concerns in the crypto market
Bitcoin Price prediction has turned bearish for this month due to the fear of crypto bank Silvergate (NYSE: SI) crises. Recently, news circulated in the market that Silvergate might file bankruptcy in the coming month which has created a concern for the crypto investors and they are looking to unwind the futures long position to avoid the liquidation. Currently, BTC/USDT is trading at $22,340 with an intraday gains of 0.06% and the 24-hour volume to market cap ratio at 0.0421
Bitcoin Price (BTC) has taken a downside reversal from the higher levels and fell below the important support of $23,000 due to the crisis going on inside the crypto Bank Silvergate (NYSE: SI) which has triggered the negative sentiment and BTC futures witness a massive long winding across the exchanges.
Will Bitcoin (BTC) witness more sell off due to Silvergate crises?
Bitcoin Price (BTC) has taken a halt at the make or break level which means some serious damage in the technical structure is possible if BTC price drops below the $22,000. Recently, in the previous week Silvergate Capital has said they will need more time to file the Annual report of 2022 which is quite disappointing because it is one such bank which got highly damaged after the FTX collapse in 2023 and delaying the Annual report means something is hidden which if comes out then it might give more pain to the crypto investors.
Bitcoin Cryptocurrency price had shown a surprising rally in the month of January and succeed to climb the price above the 50 and 200 day EMA indicates that the positional trend has reversed in the direction of bulls but BTC prices are seem be lacking momentum near to the $25,000 and bears are trying their best to pull the prices below the $21,000 level to disturb the crypto market sentiment. However, the BTC prices are still defending the $22,000 level but as per the derivatives data BTC might witness more sell off from the current level and trade with bearish bias until the Silvergate issues are resolved.
Bitcoin is definitely the market leader in the cryptocurrency world, So if selling pressure continue in coming weeks then it will negatively affect the other crypto’s like Ethereum (ETH), Solana (SOL), Polkadot (DOT), Dogecoin (DOGE), Shiba Inu (SHIB) and many more which can trigger a snowball effect.
Summary
Bitcoin (BTC) crypto price is again showing signs of sell off due the uncertainties going on inside the Silvergate Bank.There is news circulating in the market that Silvergate is evaluating its going concern and might file bankruptcy in the coming months. The technical analysis of the Bitcoin (BTC) shows that prices are into the bear grip and any negative news is enough to trigger the more downside. However, the short sellers need to closely track the Silvergate news, else they may end up getting trapped.
Technical levels
Resistance levels : $24,000 and $25,000
Support levels : $21,300 and $20,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
