The bankruptcy of Silvergate causes price of BTC to drop Rapidly
Bitcoin has plunged to break the two previous lows in just twelve days since the start of the month as volatility unexpectedly rises. Silvergate Bank’s insolvency may be what’s causing the rapid decrease. Due to commercial and regulatory challenges, Silvergate, a key lender to the cryptocurrency sector, has ceased operations.
It’s important to remember that, before the start of this month, BTC’s value increased significantly throughout January and the first half of February. The announcement of the U.S. Non-Farm Payroll (NFP) report and Cathie Wood, CEO of ARK Invest, confirming that BTC was going bullish all contributed to the bullish phase.
Key Bitcoin Levels To Watch – March 12
Resistance Levels: $32384.00, $25215.00, $21478.00
Support Levels: $18385.00, $16967.00, $15460.00
https://www.tradingview.com/x/obQxc8S4
BTCUSD faced the downside following the bounce off the $25215.00 resistance. A further rejection as the price entered the bearish order block shows that the bears are dominant in the market. This also conformed with the sell signal of the MA Cross.
The MA Period 18 crossed the MA Period 40, thereby signaling a sell as the bears stormed the market. According to the MACD, the market is heading downward. BTCUSD might keep heading down until the liquidity void is filled.
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Bitcoin Market Capitalization: $405.44B
Bitcoin Volume: $21.0B
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