Skip to content
Pyrupay

Pyrupay

Cryptocurrency | ICO | IEO | Entrepreneur Blog

  • Updates
  • Press Release
  • ICO/IEO List with Us
  • Newsletter
  • Crytpo Rates
  • Toggle search form
  • The World Economic Forum Is Worried About Safety in the Metaverse Updates
  • Binance Will Stay in the Free Market, Says CZ After Rejecting Alameda’s Offer Updates
  • Crypto Custody Firm Fireblocks Launches Web3 Services Suite Updates
  • Robinhood Rolls Out Wallet App Worldwide for IOS Updates
  • Federated Learning Consortium (FLC) for Decentralized AI to Launch in Hong Kong, Led by Phoenix and APEX Technologies Updates
  • Massachusetts Resident Allegedly Set up a Secret Crypto Miner Under a School (Report) Updates
  • Peter Thiel Says His ‘Biggest Mistake of the Decade Was Getting Too Late and Too Little Into Bitcoin’ Updates
  • Bitcoin Blasts to $21K, Dogecoin Rollercoaster, More Crypto Hacks: This Week’s Recap Updates

BTC Loses 15% Weekly, Will $20K Hold or is Another Crash Imminent? (Bitcoin Price Analysis)

Posted on March 11, 2023 By Nandan Kumar

The instability of Circle’s USDC has caused extreme fear in the market, as stablecoins play a crucial role in the cryptocurrency industry. Bitcoin’s price was affected by the recent turmoil and has declined, but it faces a strong support level.
Technical Analysis
By Shayan
The Daily Chart
Recently, the price of Bitcoin experienced a downtrend with noticeable bearish momentum after forming a reversal three-drives pattern and breaking down the neckline. The recent turmoil with USDC served as a catalyst for the bearish trend and pushed the price down toward the $19K level.
However, the price faces significant support at the 200-day moving average, approximately at $19.6K, and is attempting to surpass it. This moving average is a powerful support level, and the bears might find it difficult to push the price below it.
Despite this, the daily timeframe suggests that bearish momentum has weakened, and a short-term consolidation stage may occur before the next impulsive move.
Source: TradingView
The 4-Hour Chart
The price of Bitcoin has experienced a massive decline after breaking the critical support level of $22K, resulting in consecutive big red candles. However, every impulsive trend requires a cool-down phase, along with a correction.
Bitcoin appears to have entered the mid-trend correction stage after reaching a decisive price level at $20K. This level also serves as sentimental support. Additionally, the 61.8 level of the Fibonacci retracement for the recent bullish trend aligns with the $20K level of support, making it a substantial level.
Source: TradingView
Therefore, the price may consolidate in the current region, forming a correction pattern before trending lower.
On-chain Analysis
By Shayan
The cryptocurrency market has once again entered a stage of fear and uncertainty due to the recent turmoil with Circle and the failure of SVB bank. As a result, market participants have capitulated and rapidly sold their assets to manage their risks.
The Funding Rates metric provides insight into traders’ sentiment and has recently declined impulsively, coinciding with a shakeout in Bitcoin’s price. Traders must be careful and monitor the perpetual market closely in case of another sudden price move.
Source: TradingView
Despite this, the market may become highly volatile with no specific direction in the upcoming days.
The post BTC Loses 15% Weekly, Will $20K Hold or is Another Crash Imminent? (Bitcoin Price Analysis) appeared first on CryptoPotato.

Updates

Post navigation

Previous Post: ‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion
Next Post: This is Europe’s Most Crypto-Curious Country (Study)

Related Posts

  • Dvision Network Announces New LAND Staking Feature to Help Bolster Virtual Plot Utility Press Release
  • India’s Central Bank RBI to Adopt a ‘Graded Approach’ to Digital Currency Launch Updates
  • An In-Depth Look at Satoshi Island — A Crypto-Centric Residential Community in Vanuatu Where Land Titles Are NFTs Updates
  • This Month at Binance: Innovation Never Stops Updates
  • Bitcoin, Ethereum Technical Analysis: BTC Gains Prior to NFP Report, Following a Cross of Moving Averages Updates
  • Indian Government’s Chief Economic Adviser Warns of Danger in Crypto, Defi Without Regulation Updates

Like Us On Facebook

Facebook Pagelike Widget

Like Us On Facebook

Facebook Pagelike Widget

Recent Posts

  • Disney Scraps Metaverse Division as Part of Restructuring Plan: Report
  • Fed Bank President: Banking Crisis Tips US Economy Toward Recession
  • Sam Bankman-Fried Bribed Chinese Officials With $40 Million, Alleges DOJ
  • UK Treasury Drops Plans to Launch NFT, Keeps Proposal Under Review
  • Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status

Recent Comments

  • Sathya Shankar on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin
  • binance bkstg angellist bitcoin on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • August 2021
  • July 2021
  • June 2021
  • May 2021

Categories

  • Currency
  • Press Release
  • Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Like Us On Facebook

Facebook Pagelike Widget

News

  • Tether Responds to FUD, Promises Zero Secured Loans in 2023 Updates
  • A Story of Incredible Belief….. How GAIMIN Gladiator’s Acquired Team Tickles! Updates
  • Investors Inject $450 Million Into Consensys, Ethereum Incubator Now Valued at $7 Billion Updates
  • Report: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative Updates
  • Onchain Data Shows FTX US Paused ETH Withdrawals for 2 Hours, Users Complain of Withdrawal Errors Updates
  • Why Crypto Mom is Against the SEC’s New Crypto Custody Rules Updates
  • Two Considerations as Bitcoin Withdraws Toward $23K Updates
  • Amid the FTX Confusion, Whistleblower Edward Snowden Says ‘Custodial Exchanges Were a Mistake’ Updates

Copyright © 2023 Pyrupay.

Powered by Pyrumas