Bitcoin price would retest $25K without Silvergate saga — analysis

Bitcoin (BTC) stayed little into the play arsenic ongoing problems astatine Silvergate slope pressured markets.

BTC/USD 1-day candle illustration (Bitstamp). Source: TradingView

Bad quality holds Bitcoin back

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering astatine astir $22,350 connected March 4.

The brace had managed to debar further losses aft the archetypal daze astir Silvergate wiped 5% off spot terms successful minutes. 

With United States equities delivering a beardown decorativeness to the week, however, Bitcoin and altcoins remained incapable to capitalize connected what traders argued would usually beryllium an accidental for gains.

"Most planetary equity indices person present printed higher lows…," fashionable commentator Tedtalksmacro wrote successful portion of an update overnight.

"If it weren’t for the silvergate fears, BTC would beryllium primed to breach the highs supra 25k adjacent week."

S&P 500 1-hour candle chart. Source: TradingView

Cointelegraph contributor Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, hoped that a comeback for Bitcoin could inactive hit.

"Bitcoin dropped from $23,800 to $22,300, portion the Nasdaq and S&P were making beardown bounces. Matter of clip until Bitcoin catches up," helium told Twitter followers.

A failed effort by the U.S. dollar to caput higher formed different imaginable tailwind for crypto, this inactive untapped arsenic the week's trading concluded.

$DXY 1D Chart. Daily Is reaching a pugnacious spot for crypto. Testing a KumoCloud breakout a fewer days successful a enactment here, a interruption supra and crypto apt volition spell into a bearish inclination for a bit. Rejection inactive imaginable here, but much volatility up for BTC/Alts portion successful this range#BTC https://t.co/h0DZDUaTmf pic.twitter.com/GGmLTqrDiY

— KevinCrates (@kevincrates_) March 3, 2023

Silvergate sags to all-time low

Silvergate meantime halted its organization fiat colony arm, the Silvergate Exchange Network (SEN), connected Mar. 3 arsenic concerns astir bankruptcy continued to multiply.

Related: 3 BTC terms hurdles Bitcoin bulls are failing to wide successful 2023

As immoderate proposed alternatives for exchanges, others regretted the bank's downfall and hoped that the concern would improve.

Bitcoin advocator Nic Carter said that helium had "always respected Silvergate for being unapologetically pro crypto erstwhile virtually nary 1 other was."

"Sad to spot their existent predicament, anticipation they marque it done the different side," helium added.

The banal of Silvergate Capital (SI) closed the week astatine grounds lows, astatine 1 constituent trading beneath $5. At its highest during Bitcoin's 2021 all-time highs, it traded supra $150.

Silvergate Capital (SI) 1-week candle chart. Source: TradingView

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