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Bitcoin’s Future Unclear as Analysts Debate Short-Term Market Action




Bitcoin’s price was around $22,400 at the start of trading on Wall Street on March 3. However, analysts remained divided over whether the cryptocurrency would make a recovery.

PricePrediction data showed that BTC remained steady following a flash crash overnight that saw $1,000 taken off the value of the cryptocurrency in just a few minutes.

Silvergate Bank Concerns Spark Margin Call Cascade

The fate of Silvergate Bank, combined with existing market concerns, led to a margin call cascade that brought the price of Bitcoin down to $22,000, according to Cointelegraph’s earlier report. there had only been a slight increase in Bitcoin’s value.

Opinions Differ Over Short-Term Price Action

While some traders, such as Crypto Tony, share on Twitter that they had secured profits by selling at $23,200 and moving their stop loss into profit, others, such as popular trader and analyst Pentoshi, took a more cautious approach and stated that they were unsure what the future held for the markets.

Another trading account, Daan Crypto Trades, suggested that Bitcoin’s value could rebound in a manner similar to a mirror image of the classic “Bart Simpson” chart structure.

BTC Tapped on TL Support

According to Michaël van de Poppe, who is the founder and CEO of trading firm Eight, he was waiting for a definitive rise above $23.8K before making any trades.

Blockchain analyst Mikybull Crypto noted that $21,300 formed an invalidation level for longing. According to his analysis of the 4-hour chart,

“BTC tapped on the TL support and have a minor reaction. I am still observing to see a confirmation to take a long.”

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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