On March 5, despite new concerns of a collapse following the weekly candle closure, Bitcoin remained close to crucial support.
BTC/USD was tracked by data from Cointelegraph Markets Pro and TradingView as it fluctuated within a narrow range over the weekend.
Since its sudden decline on March 3, which was brought on by a margin call during the Silvergate Bank turmoil, the pair had essentially been stagnant.
Analysis cautioned that even if a close support level failed to hold, Bitcoin could still easily go considerably lower, preventing further losses.
According to the tracking tool Material Indicators, BTC price action had “lost important technical support” and bulls were now left with little to hold onto but $22,000, the location of a recent resistance/support (R/S) flip.
The last line of defence against a retest of the trend line is the local R/S Flip zone. In the meantime, Trend Precognition is showing a downward trend,” it said in part of a tweet that day.
Will observe whether that alters following the W close.
The trend line and the BTC/USD order book on Binance were both at risk, with bid liquidity at $22,000, according to the accompanying charts.
Michal van de Poppe, founder and CEO of trading firm Eight and a contributor to Cointelegraph, issued a warning that if $21,300 failed to hold as well, $20,000 might not be enough to stop the exodus.
The $21.3K area is crucial for #Bitcoin to hold. If we lose that, cryptocurrencies will fall 15 to 25% and another sweep into $19.5Kish, he predicted on March 4.
Van de Poppe however kept a generally more upbeat outlook, saying that $40,000 might possibly materialise “in a few months.”
Part of a later post contained his advice, “Moral of the story: Dollar-Cost Average and have guts to buy when you don’t feel sure.
Research company Santiment questioned why the market response had been so harsh given that Silvergate’s impending bankruptcy was still a hot subject.
Analysts revealed what they called a “unusually high level of unfavourable criticism about the markets” in a post devoted to the subject.
It went on to say concerning Twitter user behaviour, “It’s particularly intriguing that #cryptocrash has been a key of-and-on trending hashtag on the platform, even though Bitcoin’s moderate -5% decline occurred more than three days ago.
Van de Poppe however kept a generally more upbeat outlook, saying that $40,000 might possibly materialise “in a few months.”
Part of a later post contained his advice, “Moral of the story: Dollar-Cost Average and have guts to buy when you don’t feel sure.
Research company Santiment questioned why the market response had been so harsh given that Silvergate’s impending bankruptcy was still a hot subject.
Analysts revealed what they called a “unusually high level of unfavourable criticism about the markets” in a post devoted to the subject.
It went on to say concerning Twitter user behaviour, “It’s particularly intriguing that #cryptocrash has been a key of-and-on trending hashtag on the platform, even though Bitcoin’s moderate -5% decline occurred more than three days ago.
Van de Poppe however kept a generally more upbeat outlook, saying that $40,000 might possibly materialise “in a few months.”
Part of a later post contained his advice, “Moral of the story: Dollar-Cost Average and have guts to buy when you don’t feel sure.
Research company Santiment questioned why the market response had been so harsh given that Silvergate’s impending bankruptcy was still a hot subject.
Analysts revealed what they called a “unusually high level of unfavourable criticism about the markets” in a post devoted to the subject.
It went on to say concerning Twitter user behaviour, “It’s particularly intriguing that #cryptocrash has been a key of-and-on trending hashtag on the platform, even though Bitcoin’s moderate -5% decline occurred more than three days ago.
“Normally, you can profit from this amount of market negativity, and this kind of excessively unfavourable mood can lead to a good recovery to quiet the naysayers,” said one trader.
