Today’s Bitcoin price analysis shows BTC is continuing to turmoil below the $20,000 mark. Bitcoin’s price fell to its lowest since mid-January on March 10, plunging from $21,000 to just $19,900. The downward pressure has been building for the last week as fears mounted over Silicon Valley Bank (SVB) contagion.
Bitcoin is trading at $19,880.98, down by over 5 percent since yesterday’s high of $20,879.30. The leading cryptocurrency has been struggling to stay above the $20,000 mark for the last few days, and it appears that BTC is now in a bearish cycle.
After Silicon Valley Bank (SVB), the 16th largest commercial lender in the U.S., underwent a major restructuring, market cold feet ensued, and these were a result of this event.
In an effort to raise over $2.2 billion in the capital, SVB Financial – the parent company of SVB – has announced it is disposing of its entire securities portfolio at a significant loss.
SVB Financial’s share prices plummeted a staggering 60% during the session, bringing to mind Silvergate bank’s collapse that sent shockwaves throughout the crypto market.
All of this has put a damper on Bitcoin’s price, as traders fear that this may set off another wave of selling. The bears seem to be taking control, and BTC is struggling to stay above $20,000.
Bitcoin price analysis on a daily chart: Bitcoin dips to lows of $19,880 after a strong sell-off
The daily Bitcoin price analysis shows the price fell today as a result of renewed selling pressure. The price of the BTC/USD pair has dropped significantly over the previous several days, and bears have maintained their advantage. The market capitalization of the leading cryptocurrency has also decreased to $386 billion, as BTC’s market dominance has dropped below 40 percent. The 24 trading volume is $42 billion, with a decrease of 4 percent.
Looking ahead, the technical indicators are bearish for Bitcoin, and it is likely to remain volatile in the near term. The relative strength index (RSI) has dropped to the 27.30 level, indicating that BTC may face further losses if buyers do not step in soon. The moving average indicators value is currently at $21,916, and if Bitcoin manages to breach this level, then it could attract further selling pressure.
The Bollinger band’s width is also narrowing, indicating that BTC may soon undergo a volatile breakout either to the upside or downside. The upper Bollinger band is currently placed at $25,433, and the lower band is at $20,479. As long as BTC remains stuck between these two levels, then it could remain range bound in the near term.
Bitcoin price analysis 4-hour chart: BTC price continues sinking below the $19,000 level
The latest Bitcoin price analysis on a 4-hour chart shows continues to drop following the price breakout. The key level to watch for BTC/USD is psychological support at $19,628. If Bitcoin manages to stabilize above this level, then it could potentially attract buying pressure and push prices toward the $20,000 mark once again. On the other hand, if BTC fails to hold above $19,628, then it could extend losses toward the $1,900 level in the near term.
The Bollinger bands indicator indicates that the BTC/USD pair is volatile and could remain range bound until a major breakout. The upper Bollinger band is currently placed at $23,043, and the lower band is at $19,363. The relative strength index (RSI) has dropped below 30 and is moving to oversold levels, indicating that BTC may face further losses in the near term. The moving average indicators are also bearish, as the 50-day MA is below the 200-day MA.
Bitcoin price analysis conclusion
Given today’s market sentiment, it seems that Bitcoin is in for another volatile session. The leading cryptocurrency has dropped below the $20,000 mark and could extend losses further if buyers do not step in soon. The selling pressure has increased after SVB Financial, the parent company of Silvergate Bank, announced it is disposing of its entire securities portfolio at a significant loss. This has added to the market’s concerns, and BTC is struggling to stay afloat.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-03-23/