Bitcoin, the world's top cryptocurrency, has undergone a significant drop, reaching its lowest value in two months. Ether, the second most valuable cryptocurrency, followed a similar path and also experienced a decrease in value.
On March 10th, Bitcoin briefly fell below $20,000 for the first time in almost two months, hitting a low of $19,918.
As a result, the dip in cryptocurrency prices is causing concern among investors and the industry as a whole. Furthermore, the fact that the total market capitalization of all cryptocurrencies has fallen below $1 trillion is a clear indication that the overall market is in for a challenging period.
The recent closure of Silvergate Bank is considered one of the main reasons behind the decrease in cryptocurrency values. The bank played a crucial role in providing services to crypto enterprises in the United States. Therefore, its closure could have a significant negative impact on the crypto sector.
The current live price of Bitcoin is $19,938, with a 24-hour trading volume of $43 billion. Over the last 24 hours, Bitcoin has decreased by 8.50%. It is currently ranked #1 on CoinMarketCap, with a live market cap of $385 billion.
Bitcoin's technical analysis indicates a strong bearish trend for the BTC/USD pair, as it has breached the double-bottom support level of $20,350. Bitcoin's immediate support level is at $18,430. A breach below this level may intensify selling pressure, leading to a further drop toward the $16,400 level.
Conversely, the initial resistance level is at $20,300, with a breakout above it likely to trigger buying pressure and push Bitcoin's price towards the $21,400 level. If there is additional bullish momentum, the BTC price may reach the $25,000