Bitcoin trades flat at $22,500 as Silvergate concerns weigh on the crypto market – Crypto News BTC

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(Kitco Information) – Little has modified for the cryptocurrency market for the reason that pullback skilled on Friday as Bitcoin’s (BTC) value has primarily flatlined close to assist at $22,500 as cryptocurrency merchants await some spark to reinvigorate the market amid issues surrounding the well being of Silvergate Financial institution.

The normal market received off to a scorching begin in early buying and selling on Monday, however the momentum started to fade because the day progressed, with the foremost indices trending down because the markets headed towards the shut. When the mud settled, the S&P and Dow managed to complete within the inexperienced, up 0.07% and 0.12%, respectively, whereas the Nasdaq recorded a lack of 0.11%.

Information from TradingView exhibits that Bitcoin value traded in a variety between $22,400 and $22,700 all through the day, with neither the bulls nor the bears gaining the higher hand, leading to a stalemate of kinds with either side awaiting some catalyst that may trigger a notable value motion within the high crypto.

BTC/USD 4-hour chart. Supply: TradingView

Based on Kitco senior technical analyst Jim Wyckoff, March Bitcoin futures traded firmer in the course of the early U.S. buying and selling hours on Monday, and “Bulls have misplaced their general near-term technical benefit as a value uptrend on the day by day chart has been negated.”

“Costs are actually in a fledgling downtrend and bears have some momentum,” Wyckoff mentioned.

Cease-losses under $21,370

Extra Bitcoin evaluation was supplied in the newest Commerce Letter from Eight World, which famous that “BTC value has misplaced the underside assist of our tentative channel and has since struggled to push again in.”

BTC/USD 1-day chart. Supply: Eight World

“The 8EMA is slicing by way of the 34EMA from above, and they’re presently each in sync with the channel backside, which can add to the resistance right here,” Eight World wrote. “Till we get a transparent break again into the channel, $22,600 – $23,000 is an space to search for shorts, concentrating on $21,500 – $21,800, and shifting SLs [stop losses] to b/e [break even] as soon as the worth began shifting in favor of the place.”

At the moment, Bitcoin is making a better low and better excessive construction, and so long as it might maintain above the earlier low of $21,370, the bullish chart sample will proceed, the analysts wrote.

“Till confirmed in any other case, HTF [high time frame] longs could possibly be saved open with first targets of round $26,500, and if the sample continues, finally $28,000 – $30,000.”

BTC/USD 1-day chart. Supply: Eight World

Ought to the low of $21,370 be breached, “we could possibly be trying on the A wave of an ABC kind correction,” Eight World warned. “The $20,800 space then could be a possible assist for the A wave, and if the following bounce or MTF [mid time frame] uptrend (B wave) then tops out at round $23,300 – $24,300 (or decrease), the chance of getting a deeper correction (C wave) into the $18,300 – $19,700 area will increase.”

BTC/USD 1-day chart. Supply: Eight World

Because of this, Eight World recommends putting stop-loss orders for lengthy positions under $21,370 as a preventative measure and shifting them up towards $23,000 within the occasion that Bitcoin’s value climbs increased.

“Regardless of in case you are favoring longs or quick positions right here, setting your SL to b/e as soon as the worth fairly strikes in your favor is the easiest way to guard your capital in per week the place we’ll seemingly see costs chopping round fairly a bit,” Eight World concluded.

Altcoins stagnate

On the entire, it was a adverse day for the altcoin market as the vast majority of tokens traded within the pink whereas solely a handful of initiatives recorded slight good points.

Every day cryptocurrency market efficiency. Supply: Coin360

Onyxcoin (XCN) led the gainers with a rise of 9.81%, adopted by a 7.92% acquire for Bitgert (BRISE) and a 7.18% improve for Everscale (EVER).

The general cryptocurrency market cap now stands at $1.023 trillion, and Bitcoin’s dominance fee is 42.3%.