Bitcoin (BTC) price manages to hold above $23,000 as another crypto player may face major financial difficulties. The bulls are struggling to regain their run, but they need to put in extra effort to reclaim a crucial moving average.
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Bitcoin Price Faces Coinbase and Silvergate Shakes
Bitcoin price drops as low as $23,208 on Bitfinex today, March 2, 2023. The cryptocurrency is trading at $23,451 at the time of writing this article. Its price is currently recording a daily loss of 0.82%.
Bitcoin price is under downward pressure, as the day is marked by rumors circulating about the poor financial situation of Bitcoin. silver gate. The bank lost Coinbase as a customer. Indeed, the crypto exchange has favorite end its partnership with Silvergate, “in light of recent developments and out of an abundance of caution”.
Despite this bad news that is shaking the markets, the founder of the Eight trading company, Michaël van de Poppe, rather underline the strength of Bitcoin. According to Michaël van de Poppe, “Silvergate potentially goes bankrupt, which pushes prices down a little more”, but for Bitcoin, “people are taking positions since the news”, and finally, there was no ” no real movement “.
$25,000 as the decisive level for a sustainable bullish rebound
Beyond these news that impact the markets in the very short term, the trader Rekt Capital has taken stock of this crypto winter. The price of Bitcoin would have “repeated its March 2020 Bearish Wick Depth below the 200-week moving average.
The cryptocurrency bottomed out at around $15,500 during this bear market, and since then the price of Bitcoin has seen an increase “of +60% compared to its lowest level.
Trader Rekt Capital reported that the 200-week moving average, which is currently hovering around $25,000, “ acts as a resistor “. If the price of Bitcoin managed to regain this average as support, the cryptocurrency “ will recover “.
This March could be a pivotal time for Bitcoin price. The cryptocurrency is no longer far from the breakout point of a macro bearish trendline, and the timing, based on historical data, would work in favor of the bulls.
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