Bitcoin Price prediction suggests consolidation in the wide range between $18,000 to $24,000 until the crypto bank Silvergate issue is resolved. BTC Price fell below its previous month low at $21,351 due to the shockwaves derived by the Silvergate Bank and Signature Bank (NASDAQ: SBNY).
Bitcoin price formed a double top bearish pattern and unfortunately it breakdown neckline with the higher selling volume indicates fear in the market. Two months ago, In January 2023, Bitcoin price had managed to break out of the $18,000 level which triggered the positive sentiment and investors rushed to buy BTC crypto at any price available in the market. Later, due to strong demand BTC price rallied 40% approx in the period of one month.
Bitcoin price has also been able to climb above the 50 day and 200 day EMA which turned the positional trend in the favor of bulls. However, Bitcoin crypto bulls have tried multiple times to sustain the price above $24,000 but got rejected shows that strong bears are active at the supply zone. Later, from the beginning of March, overall cryptocurrency market sentiment started turning mild negative which has also impacted the Bitcoin price and it took the downward direction.
Bitcoin Price Prediction – $18K to $24K range
Bitcoin price prediction favors the bulls in the long term but prices will show upside momentum only after BTC regains the 200 day EMA. Currently, BTC price is trading at $20,358 with an intraday loss of 0.47% and 24 hour volume to market cap at 0.0638.
On 10 March 2023, Bitcoin price hit a low at $19,549 and bounced back by forming a bullish hammer candle showing responsive buyers are active near the demand zone of $20,000. However, in the coming days if the situation gets worse and the sell off continues then bears might try to pull the prices down towards $18,000. According to technical analysis, $18,000 will act as an important support level and prices are
expected to show some meaningful recovery to bring back the confidence of investors.
If Bitcoin price drops below 18K?
If Bitcoin price drops below $18,000 and fails to bounce back then it may create trouble for the long term investors as well as short term bullish traders. Bitcoin technical indicators like MACD had generated a negative crossover indicating prices are expected to trade with bearish bias for some more time. The RSI at 31 sloping sideways denotes oversold zone.
Conclusion
Bitcoin Price prediction suggests consolidation in the wide range between $18,000 to $24,000 until the two main crypto banks issues are resolved. BTC price holds $20,000 despite massive selloff shows that responsive buyers are available near the demand zone. However, Bitcoin price did not give sharp recovery indicating the prices might consolidate for some time before deciding the further direction.
Technical levels
Resistance levels : $21,500 and $24,000
Support levels : $18,000 and $16,000
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 and 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.
Source: https://www.thecoinrepublic.com/2023/03/12/bitcoin-price-prediction-btc-holds-20k-despite-global-selloff/