This is When Bitcoin (BTC) Price Will Start Bull Run! Here Are The Watch Levels
The fear of Silvergate Capital’s potential collapse has caused the price of Bitcoin to edge lower in the past 24 hours, with the digital asset trading around $22.3k on Friday.
The crypto bank organization, which caters to institutional investors and businesses dealing in digital currencies, has delayed the filing of its annual 10-K report, as it assesses events that have taken place since the end of 2022.
Reasons for Delay
Silvergate Capital stated in a filing on Wednesday that it requires additional time for its accounting firm to complete specific audit procedures, and it is currently analyzing various regulatory inquiries and investigations.
Consequently, its shares have dropped by as much as 57% in the after-hours, while Bitcoin and Ethereum prices have declined by approximately 5% in the past 24 hours.
Crypto Market Decline
Despite the United States Securities and Exchange Commission (SEC) stating that Bitcoin is not a security, the top digital asset has experienced a decline, along with the rest of the altcoin market.
According to the latest crypto price oracles, the total cryptocurrency market capitalization has decreased by approximately 3.5% to about $1.08 trillion. Bitcoin and Ethereum have a market dominance of around 42% and 18%, respectively.
Short-Term Bitcoin Analysis
Following its 40% rally in January and consolidation in February, Bitcoin’s bullish thesis could fade away in March, according to most analysts. Renowned cryptocurrency analyst, Michael Van de Poppe, in a recent YouTube video, stated that the continued weakness in the Nasdaq composite, among other major global indexes, is a strengthening factor in the Bitcoin market.
Michael indicated that Bitcoin’s price could consolidate among the $22.3k region before retesting $25k and beyond. In such a scenario, he believes that the market will rally towards $26k and later $30k, as the year progresses.
However, the analyst believes the $23.8k region remains a crucial level for the bulls to continue rallying.