June 16, 2024

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Bitcoin Price Will Retest $25K Without The Silvergate Epic – Analysis

Bitcoin Price Will Retest $25K Without The Silvergate Epic – Analysis

Bitcoin (BTC) remained lower into the weekend as ongoing problems at Silvergate Bank weighed on the markets.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

The bad news is bringing back bitcoins

Data from Cointelegraph Markets Pro and TradingView It showed BTC/USD lingering around $22,350 on March 4.

The pair managed to avoid further losses after the initial shock around Silvergate erased 5% of the spot price in minutes.

With US stocks delivering a strong finish to the week, Bitcoin and altcoins remained unable to take advantage of what traders said is usually an opportunity for gains.

“Most global stock indices are now recording higher lows…,” famous commentator Tedtalksmacro books In part from the overnight update.

“Had it not been for Silvergate’s concerns, BTC would have been poised to break through the highs above 25k next week.”

S&P 500 hourly candlestick chart. Source: TradingView

Cointelegraph contributor Michael Van de Poppe, founder and CEO of trading firm Eight, was hopeful that Bitcoin’s resurgence could continue.

“Bitcoin fell from $23,800 to $22,300 while Nasdaq and S&P bounced hard. It’s only a matter of time until Bitcoin catches up.” Tell Twitter followers.

The failed attempt by the US dollar to head higher was another potential tailwind for cryptocurrencies, and this one remains untapped as the week’s trading concludes.

Silvergate is falling to an all-time low

Silvergate meanwhile to stop The institutional mandatory settlement arm, Silvergate Exchange Network (SEN), on March 3 as concerns about bankruptcy continued to multiply.

Related: 3 Bitcoin Price Hurdles Bitcoin Bulls Will Fail to Clear in 2023

As it is for some Proposal Alternatives to exchanges, others lamented the collapse of the bank and hoped that the situation would improve.

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Bitcoin defends Nick Carter He said that he “always respected Silvergate for being an unapologetically professional cryptographer when no one else was”.

“It’s sad to see their current predicament, I hope they get over to the other side,” he added.

Silvergate Capital (SI) stock closed the week at record lows, at one point trading below $5. At its peak during Bitcoin 2021 all-time highs, it traded above $150.

Silvergate Capital (SI) candle chart for a week. Source: TradingView

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.