❗ Bitcoin collapses for three reasons, bounce limited to 20,334
BTC/USD had never recovered from the issues at Silvergate, a lender to the crypto-sphere. That is one reason for the fall.
The second reason is the run on Silicon Valley Bank (SVB) which reverberated through broader markets and triggered a flight to safety – bonds instead of Bitcoin.
The third reason is the Federal Reserve's move to examine cryptocurrencies, part of a regulatory crackdown.
All that sent BTC/USD below support at 21,398 and diving through 20,334, which now words as support. The next cushion is only at 19,156. As BTC/USD is extremely oversold on the 4h-chart – RSI at around 5 – there is room for some bargain-seeking. Nevertheless, there is no fundamental upside driver, and I cannot see Bitcoin recovering above resistance at 20,334 today.
A strong NFP could send Bitcoin lower, and a weak one would boost it. But, the correlation between economic indicators and cryptocurrencies has been weakening in recent
The second reason is the run on Silicon Valley Bank (SVB) which reverberated through broader markets and triggered a flight to safety – bonds instead of Bitcoin.
The third reason is the Federal Reserve's move to examine cryptocurrencies, part of a regulatory crackdown.
All that sent BTC/USD below support at 21,398 and diving through 20,334, which now words as support. The next cushion is only at 19,156. As BTC/USD is extremely oversold on the 4h-chart – RSI at around 5 – there is room for some bargain-seeking. Nevertheless, there is no fundamental upside driver, and I cannot see Bitcoin recovering above resistance at 20,334 today.
A strong NFP could send Bitcoin lower, and a weak one would boost it. But, the correlation between economic indicators and cryptocurrencies has been weakening in recent
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