#bitcoin experienced its fifth consecutive decline on Friday morning, following the announcement that #Silvergate Bank would be closing its doors. BTC price had been fluctuating during the first week of March, causing uncertainty in the market. Unfortunately, the second week began on a bearish note, with the coin's value plummeting by 11.25% over the last three days.
The value of Bitcoin has experienced a significant drop of over 8%, leading to a test of the $20,000 support level. While there may be a potential for a corrective increase, it is important to note that any upward movement may be restricted above the $21,200 threshold.
The price of Bitcoin has encountered a significant obstacle in its upward trajectory, as it failed to surpass the resistance zone of $22,200. This has led to a surge in selling interest, causing a decline below the crucial support zone of $21,500.
The value of Bitcoin has plummeted by over 8%, resulting in a sharp decline towards the $20,000 support level. In fact, the price even dipped below this critical support zone, creating a new monthly low of approximately $19,800. Currently, the price is consolidating its losses and hovering around the $20,000 mark. It's worth noting that Bitcoin is now #trading below $20,800 and the 21 hourly simple moving average.
According to #priceanalysis BTC is currently facing a significant resistance level at $20,400, with the next major hurdle at $20,800. However, if BTC manages to sustain above $20,800, it could potentially break through a crucial bearish trend line forming with resistance near $21,300 on the hourly chart of the BTC/USD pair. The primary resistance level to watch out for is now at $22,000, and a close above this level could trigger a substantial increase in the coming days. The next key resistance level is at $22,600, and if BTC manages to surpass this level, it could gain bullish momentum and test $23,000.
Bitcoin is facing a significant resistance level at $21,000, and if it fails to break through this level, it may continue to decline. In such a scenario, the immediate support level on the downside is expected to be around $19,800. However, if the price falls below this level, the next major support levels are at $19,400 and $19,200, respectively. In the worst-case scenario, if the price continues to decline, it may reach the $19,000 level, and any further losses may push it towards the $18,400 level.
KEY LEVELS :
RESISTANCE LEVEL : $20,400-$20,800
SUPPORT LEVEL : $19,700-$19,400
