{"id":10726,"date":"2023-03-05T19:55:54","date_gmt":"2023-03-05T19:55:54","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10726"},"modified":"2023-03-05T19:55:55","modified_gmt":"2023-03-05T19:55:55","slug":"bitcoin-price-faces-last-stand-as-weekly-close-threatens-22k-retest","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10726","title":{"rendered":"Bitcoin price faces \u2018last stand\u2019 as weekly close threatens $22K retest"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed near key support on March 5 as the weekly candle close brought fresh fears of a breakdown.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Analyst warns over fate of $20,000<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it continued to move in a tight range over the weekend.<\/p>\n<p>The pair had remained practically stationary since its abrupt fall on March 3, triggered by a margin call amid uncertainty over\u00a0 Silvergate Bank.<\/p>\n<p lang=\"en\" dir=\"ltr\">The streak has been broken pic.twitter.com\/TY5w7NAKWw<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) March 4, 2023<\/p>\n<p>While avoiding further losses, analysis warned that Bitcoin could still easily fall much lower if a nearby support level failed to hold.<\/p>\n<p>Monitoring resource Material Indicators explained that BTC price action had \u201clost key technical support\u201d and that $22,000 \u2014 the sight of a recent resistance\/support (R\/S) flip \u2014 was now all that remained for bulls to hold onto.<\/p>\n<p>\u201cThe local R\/S Flip zone is the last stand between a retest at the trend line. Meanwhile, Trend Precognition is indicating a downtrend,\u201d it wrote in part of a Twitter update on the day. <\/p>\n<p>\u201cWill see if that changes after the W close.\u201d<\/p>\n<p>Accompanying charts showed the trend line and the BTC\/USD order book on Binance at stake, with bid liquidity at $22,000.<\/p>\n<p><em>BTC\/USD charts. Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, warned that should $21,300 fail to hold as well, $20,000 may not help to stem the exodus.<\/p>\n<p>\u201cCrucial area for #Bitcoin is to hold the $21.3K area. Losing that, and we\u2019ll see another sweep toward $19.5Kish and altcoins dropping 15-25%,\u201d he predicted on March 4.<\/p>\n<p>Van de Poppe nonetheless maintained a more optimistic view overall, suggesting that $40,000 could still appear \u201cin a few months.\u201c<\/p>\n<p>\u201cMoral of the story: Dollar-Cost Average and have balls to buy when you don\u2019t feel confident,\u201d he advised in part of a subsequent post.<\/p>\n<h2>\u201cOverwhelmingly bearish sentiment\u201d<\/h2>\n<p>With Silvergate\u2019s potential bankruptcy still a hot topic, research firm Santiment queried why the market reaction had been so severe.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price would retest $25K without Silvergate saga \u2014 analysis<\/em><\/strong><\/p>\n<p>In a dedicated post on the phenomenon, analysts revealed what they described as an \u201cunusually high amount of negative commentary about the markets.\u201c<\/p>\n<p>\u201cIt\u2019s particularly interesting that #cryptocrash has been a key of-and-on trending hashtag on the platform, even though Bitcoin\u2019s mild -5% pullback occurred more than three days ago,\u201d it continued about Twitter user behavior.<\/p>\n<p>\u201cTypically, you can capitalize on this level of negativity on the markets, and this kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.\u201c<em>Twitter data chart with selected crypto terms. Source: Santiment<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-faces-last-stand-as-weekly-close-threatens-22k-retest\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed near key support on March 5 as the weekly candle close brought fresh fears of a breakdown. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst warns over fate of $20,000 Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it continued to move in a tight range over the weekend. The pair [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10726"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10726\/revisions"}],"predecessor-version":[{"id":10728,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10726\/revisions\/10728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10727"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}