Bitcoin Technical Analysis: Bitcoin Sells Hard on Silvergate Bank News

With rumors of crypto-friendly Silvergate Bank going bankrupt, Bitcoin faced a hard sell and quickly turned its direction down. This decline has resulted in millions of dollars of liquidity from investors in a long position in the futures market. According to the news of the crypto data platform Glassnode, over $ 62 million long positions were liquidated in just one hour yesterday evening. In addition, it was observed that Bitcoin futures trading shorts of just over $ 500 thousand were liquidated.

Bitcoin Chart Analysis

Liquidation occurs when the market moves against the investor’s long or short position, and there are insufficient funds to keep the leveraged position open. High leverage increases this risk.

Bitcoin, which had a relatively quiet day yesterday, closed at $ 23465 with a decrease of 0.69%.

Bitcoin, where sales suddenly harden with the new day, which started today at $ 23465, is trading at $ 22409 with a decrease of 4.50% at the time of writing.

Bitcoin Chart Analysis

Things have turned upside down in Bitcoin, which saw its peak value of August 2022, which is $ 25211, and made its investors happy. It continues to upset Bitcoin investors who could not try and break the 25211 resistance point last week. Bitcoin, which fell to the EMA55 level with the hard selling experienced yesterday, has encountered support at this level for the time being. If the downtrend continues, $22204 (EMA55), $21769 (EMA200), and $21205 (EMA100) are the support levels I will follow. If it turns upwards, I will follow $23124, which is EMA5, and $23316, which is EMA21, are the resistance points.

Bitcoin Technical Analysis: Bitcoin Sells Hard on Silvergate Bank News

What is the latest situation in Altcoin?

The latest situation in some altcoins;

  • Ethereum: down 4.82% at $1568,
  • Solano: down 3.82% at $21.16,
  • Avax: down 6.07% at $16.41,
  • Ripple: down 3.34% at $0.3647,
  • BNB: It is trading at $291.1, down 2.90% at the time of writing.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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Pieter Aven

Pieter Aven is a business and financial journalist based in Boston covering stories at the intersection of business, technology and finance. He holds a degree in Germanic languages from the University of Brussels and a degree in journalism from Boston University.

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