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Market News BTC Bears to Target Sub-$21,000 on Fed Fear and Regulatory Jitters

BTC Bears to Target Sub-$21,000 on Fed Fear and Regulatory Jitters

Wednesday turned out to be a negative day for Bitcoin due to the news that Silvergate Bank would be closing. In the short run, hawkish Fed wagers are also negative.

Jimmy Khan

2023-03-09

10096

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Bitcoin (BTC) fell by 2.23% on Wednesday. Following a 0.87% decline on Tuesday, Bitcoin finished the day at $21,713. Bitcoin finished the day below $22,000 for the first time since February 13 in terms of price.

After a divided morning, Bitcoin reached a peak of $22,291 early on. As a result of failing to surpass the First Significant Resistance Level (R1) at $22, 525, Bitcoin fell to a low of $21, 619 in the dying minutes. Before finishing the day at $21,713, Bitcoin breached the First Major Support Level (S1) at $21,921 and the Second Major Support Level (S2) momentarily at $21,634.

Chief Powell of Silvergate Bank and the Fed Brings Bitcoin Back to Sub-$22,000 Prices

The US business schedule was extremely active that day. Following Fed Chair Powell's aggressive statement on Tuesday, attention turned to the US job market.

The figures were in favor of a more aggressive Fed interest rate track to achieve the desired inflation. In February, nonfarm payrolls rose by 242k instead of the expected 200k, according to ADP. In January, there was a much smaller 119k rise in payrolls.

Also exceeding forecasts were JOLT employment opportunities. In January, there were 10.824 million vacant positions, compared to a predicted 10.5 million. However, fewer positions were available than the 11.234 in December.

The Federal Reserve Governor Powell gave a second day of evidence after the job market statistics. However, after the sell-off on Tuesday, the markets exhibited little enthusiasm. NASDAQ Composite Index increased by 0.40 percent. The NASDAQ mini was down 5.5 points this morning.

Investor mood was affected by US economic data, Fed fear, and cryptocurrency news lines.

The word that Silvergate Bank would be closing its doors broke on Wednesday. In Q4 2023, the cryptocurrency-friendly bank revealed a $1 billion loss due to a bank run that left it with no other options. The complete return of assets is allegedly part of the closing down and bankruptcy plans, according to Silvergate Bank.

The bank's voluntary bankruptcy demonstrates how the FTX failure is affecting Main Street. As US legislators and authorities contemplate the effect of the cryptocurrency market on financial security, we anticipate that the market will come under more examination.