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

cointelegraph.com:

Bitcoin (BTC) stayed lower into the weekend as ongoing problems at Silvergate bank pressured markets.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering at around $22,350 on March 4.

The pair had managed to avoid further losses after the initial shock around Silvergate wiped 5% off spot price in minutes. 

With United States equities delivering a strong finish to the week, however, Bitcoin and altcoins remained unable to capitalize on what traders argued would normally be an opportunity for gains.

"Most global equity indices have now printed higher lows…," popular commentator Tedtalksmacro wrote in part of an update overnight.

Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, hoped that a comeback for Bitcoin could still hit.

"Bitcoin dropped from $23,800 to $22,300, while the Nasdaq and S&P were making strong bounces. Matter of time until Bitcoin catches up," he told Twitter followers.

A failed attempt by the U.S. dollar to head higher formed another potential tailwind for crypto, this still untapped as the week's trading concluded.

$DXY 1D Chart. Daily Is reaching a tough spot for crypto. Testing a KumoCloud breakout a few days in a row here, a break above and crypto likely will go into a bearish trend for a bit. Rejection still possible here, but more volatility ahead for BTC/Alts while in this range#BTC https://t.co/h0DZDUaTmf pic.twitter.com/GGmLTqrDiY

Silvergate meanwhile halted its institutional fiat settlement arm, the Silvergate Exchange Network (SEN), on Mar. 3 as concerns around bankruptcy continued to multiply.

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