This week traders turned sour on Bitcoin and altcoins, but the steady recovery in the U.S. stock market could limit the downside seen in the crypto market.
announced that they were reducing or canceling their partnerships with Silvergate Bank.
The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction. However, if the contagion does not spread, the downside may be limited.Another positive for the cryptocurrency markets is that the United States equities markets are attempting to start a recovery. This suggests that traders continue to add risk to their portfolios at lower levels. This risk-on sentiment may limit the downside in Bitcoin and select altcoins.
What are the important levels on the downside that may act as a support and start a recovery in Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.The failure to rise above the $24,000 level may have tempted traders to book profits. The selling accelerated on March 3 and the bears pulled the price below the immediate support at $22,800.
Buyers are expected to defend this level with all their might because a break and close below it could open the doors for a retest of the psychologically important level of $20,000. Alternatively, if the price rebounds off $21,480, the bulls will try to clear the overhead hurdle at $22,800. If they do that, it will indicate that the BTC/USDT pair may remain stuck between $21,480 and $25,250 for a few more days.
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