As a result of the evaluations made by cryptocurrency analysts for Bitcoin, XRP and ETH, different levels await these coins over the weekend.
Bitcoin hits new highs
The price of Bitcoin (BTC) has slipped to new highs, a trajectory that nullified the asset’s pressure to hold and recover above $25,000. The latest correction attributed to liquidity concerns at the Silvergate bank has resulted in Bitcoin threatening to retest new lows towards the end of the week.
Onchain data from crypto analytics platform IntoTheBlock, shared by a crypto analyst by Twitter alias Diamondxbtee on March 3, shows that Bitcoin has fallen in a key demand zone of $23,000.
According to the analysis, the trajectory triggered a strong downward momentum that in turn will push Bitcoin to retest levels below $20,000. However, BTC has an opportunity to recover if it manages to break the $23,700 mark.
Bitcoin (BTC) price analysis
According to the data of Kriptokoin.com, Bitcoin is traded at $ 22,368. On the weekly chart, BTC is down over 5%. The latest correction translated into a one-day technical analysis of Bitcoin facing bearish sentiments. A review of the indicators on TradingView shows that the summary of techniques, moving averages and oscillators is for ‘sell’ sentiment at 14, 10 and 4 respectively.
Bitcoin price had regained its place in the symmetrical tragle after the recent spike in the first few days of 2023. However, the price has fallen sharply and is testing the lower support of the triangle, which is on its way to approach the edge of consolidation. If the bulls manage to hold the price inside the triangle, a notable reversal can be expected, otherwise a drop could drag the price into a deep bearish well.
Silvergate Bank reactions
Bitcoin is among the assets facing the repercussions of the turmoil at Silvergate Capital, a US bank known for its support of cryptocurrencies.
The bank is currently re-evaluating its ability to continue operating. This has led many cryptocurrency exchanges, stablecoin issuers and trading establishments to avoid using the popular payment network that allows instant fund transfers between crypto firms.
As a result, the cryptocurrency industry is grappling with the challenge of finding alternative payment solutions. At the moment, the uncertainty from the event has led to speculation that regulators could put pressure on the industry and further reduce the ability of cryptocurrencies to exit the bear market.
The Silvergate liquidity event has been described as a ‘short-term sentiment killer’. The result has seen Bitcoin lead the market in destroying nearly $50 billion in capital.
Ethereum (ETH) price analysis
Ethereum price also took a big dip as it tested the upper resistance, dropping heavily by more than 4%.
The price could continue to decline and test the lower support near $1500, which could be the last point of the defense as a failed attempt could drag the price towards $1360.
Meanwhile, a rebound could be triggered after testing the $1500 support zone and hence a decent upside could push the price higher again.
Ripple (XRP) price analysis
XRP price is showing tremendous strength amid the ongoing bearish market trend and remains above the support zone. The price is down more than 2% but remains above $0.36, indicating the possibility of a bullish breakout very soon.
With a recovery, the price could quickly head towards the upper resistance above $0.38 and then attempt to break out of the symmetrical triangle.
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