{"id":45525,"date":"2023-03-05T07:10:53","date_gmt":"2023-03-05T07:10:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=45525"},"modified":"2023-03-05T07:10:53","modified_gmt":"2023-03-05T07:10:53","slug":"bitcoin-price-would-retest-25k-without-silvergate-saga-analysis","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=45525","title":{"rendered":"Bitcoin price would retest $25K without Silvergate saga \u2014 analysis"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) stayed lower into the weekend as ongoing problems at Silvergate bank pressured markets.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bad news holds Bitcoin back<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD lingering at around $22,350 on March 4.<\/p>\n

The pair had managed to avoid further losses after the initial shock around Silvergate wiped 5% off\u00a0the spot price<\/a> in minutes.\u00a0<\/p>\n

With United States equities delivering a strong finish to the week, Bitcoin and altcoins were unable to capitalize on what traders argued would normally be an opportunity for gains.<\/p>\n

\u201cMost global equity indices have now printed higher lows,\u201d popular commentator Tedtalksmacro wrote<\/a> in part of an update overnight. <\/p>\n

\u201cIf it weren\u2019t for the silvergate fears, BTC would be primed to breach the highs above 25k next week.\u201c<\/p><\/blockquote>\n

S&P 500 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, hoped that a comeback for Bitcoin could still hit.<\/p>\n

\u201cBitcoin dropped from $23,800 to $22,300, while the Nasdaq and S&P were making strong bounces. Matter of time until Bitcoin catches up,\u201d he told<\/a> Twitter followers.<\/p>\n

A failed attempt by the U.S. dollar to head higher<\/a> formed another potential tailwind for crypto, but this is still untapped as the week\u2019s trading concluded.<\/p>\n

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$DXY<\/a> 1D Chart. Daily Is reaching a tough spot for crypto. Testing a KumoCloud breakout a few days in a row here, a break above and crypto likely will go into a bearish trend for a bit. Rejection still possible here, but more volatility ahead for BTC\/Alts while in this range#BTC<\/a> https:\/\/t.co\/h0DZDUaTmf<\/a> pic.twitter.com\/GGmLTqrDiY<\/a><\/p>\n

\u2014 KevinCrates (@kevincrates_) March 3, 2023<\/a><\/p><\/blockquote>\n

Silvergate sags to all-time low<\/h2>\n

Silvergate\u00a0halted<\/a> its institutional fiat settlement arm,\u00a0the Silvergate Exchange Network, on March 3 as concerns\u00a0about bankruptcy multiplied<\/a>.<\/p>\n

Related:\u00a03 BTC price hurdles Bitcoin bulls are failing to clear in 2023<\/a><\/em><\/strong><\/p>\n

As some proposed<\/a> alternatives for exchanges, others regretted the bank\u2019s downfall and hoped that the situation would improve.<\/p>\n

Bitcoin advocate Nic Carter said<\/a> that he had \u201calways respected Silvergate for being unapologetically pro crypto when virtually no one else was.\u201c <\/p>\n

\u201cSad to see their current predicament, hope they make it through the other side,\u201d he added.<\/p>\n

The stock of Silvergate Capital closed the week at record lows, at one point trading below $5. At its peak during Bitcoin\u2019s 2021 all-time highs, it traded above $150.<\/p>\n

Silvergate Capital (SI) 1-week candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) stayed lower into the weekend as ongoing problems at Silvergate bank pressured markets. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Bad news holds Bitcoin back Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD lingering at around $22,350 on March 4. The pair had managed to avoid further losses after the initial shock around […]<\/p>\n","protected":false},"author":1,"featured_media":45526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[6367,14,50,195,3679,10453,8211],"class_list":["post-45525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-25k","tag-analysis","tag-bitcoin","tag-price","tag-retest","tag-saga","tag-silvergate"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/03\/031f3d5d-ddda-466d-be7c-e6e01a19796b.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45525"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45525\/revisions"}],"predecessor-version":[{"id":45527,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45525\/revisions\/45527"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/45526"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45525"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}