Is it safe to buy Bitcoin after Silvergate Capital’s stock price crash?

Is it safe to buy Bitcoin after Silvergate Capital’s stock price crash?
фото показано с : coinjournal.net

2023-3-8 16:23

Bitcoin price crashed last Friday as Silvergate Capital delayed filling a 10-K report  No bounce followed  For bulls to have a case, Bitcoin needs to hold support and break two resistance levels

Last Friday, Bitcoin price lost $1,400 on news that it delayed filling a 10-K report. The stock crashed over 30% and triggered massive selling in the cryptocurrency market.

Inevitably, Bitcoin price was hit, as doubts over Silvergate’s future scared investors in the cryptocurrency market. Investors, however, are used to Bitcoin’s volatility. For example, the price is down -47.5% in the last 12 months and up 32.74% YTD.

It means that the reaction to Silvergate’s announcement might be just part of the coin’s volatility. But the worrying fact is that the price did not bounce back as bulls would have wanted.

Curiously, Bitcoin led the stock market losses. It used to be the other way around – Bitcoin following the S&P 500 index’s price action, but now the roles changed.

While Bitcoin price dropped last Friday, the stock market continued its recent rally. The two diverged.

Only yesterday, stocks crashed too, as the Federal Reserve’s Chair, Jerome Powell, testified in front of the Senate on the monetary policy. He said that recent data favors a higher terminal rate; thus, more rate hikes are in the pipeline. As a result, stocks crashed, and the US dollar rallied.

When should bulls start buying Bitcoin?

Bitcoin may have rallied in 2023, but the recent price action is bearish. The market dropped after a contracting triangle acted as a reversal pattern in late February.

Next, a consolidation started, which resembles a bearish flag pattern. Silvergate’s stock price crash completed the pattern, as Bitcoin price reacted.

Will the neckline of an inverse head and shoulders pattern offer support?

BTCUSD chart by TradingView

If it does, then Bitcoin is still not out of the woods, as momentarily, bears are in control. For a bullish setup, Bitcoin price needs to do two things.

First, to break above the bearish trendline. But only that is not enough.

Second, it must climb above the previous lower high in the $24k area. Can it do that?

The only way to do so is for risk sentiment in financial markets to turn on. If that is the case, all eyes should be on the stock market as a bounce there would support Bitcoin’s rally.

On the flip side, a drop below the head of the inversed head and shoulders pattern would open the gates for further losses.

The post Is it safe to buy Bitcoin after Silvergate Capital’s stock price crash? appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67837.11 (-0.16%)
Объем 24H $28.473b
Изменеия 24h: -0.93 %, 7d: -3.21 %
Cегодня L: $67649.64 - H: $68812.85
Капитализация $1336.606b Rank 1
Цена в час новости $ 21992.19 (208.46%)

bitcoin price friday delayed filling report 10-k

Источник: coinjournal.net

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto gambling — how does the future of secure gambling look?

Online gambling is a huge part of the casino world, but there is a small percentage of players who worry about its security — welcome, cryptocurrency casinos. It’s 2024, and although crypto casinos are nothing new, there is a wide range of some of the huge household names now utilizing this form of payment to […] The post Crypto gambling — how does the future of secure gambling look? appeared first on CoinJournal.

Crypto price prediction: Floki, BitBot, Arweave

Cryptocurrency prices did moderately well last week as investors embraced a risk-on sentiment in the financial market. Bitcoin jumped to above $67,000 for the first time in over a month while BitBot continued its token sale, raising millions of dollars.

Bitcoin still struggling around $61k: Will it dip lower?

Key takeaways Bitcoin continues to struggle below $62k and could plunge lower in the short term. Bitbot has raised $3. 3m so far, with only two stages of the presale left. Bitcoin stays below $62k Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists.

AEVO, Arbitrum, Render token unlocks near as BitBot gains momentum

Popular cryptocurrencies are on edge as investors wait for their upcoming token unlocks that will lead to more dilution. Arbitrum’s ARB token was trading at $1 on Sunday, down by over 58% from its highest point in 2023, and is near its lowest swing since December 1st last year.

Crypto fear and greed index slips as the BitBot raises $3M

A sense of fear is creeping up in the cryptocurrency market as investors focused on the upcoming Federal Reserve decision. The closely-watched crypto fear and greed index has crashed from the extreme greed zone of over 80 to the neutral phase of 58.