Bitcoin price faces ‘last stand’ as weekly close threatens $22K retest
Bitcoin (BTC) stayed near key support on March 5 as the weekly candle close brought fresh fears of a breakdown.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to move in a tight range over the weekend.
The pair had remained practically stationary since its abrupt fall on March 3, triggered by a margin call amid uncertainty over Silvergate Bank.
The streak has been broken pic.twitter.com/TY5w7NAKWw
While avoiding further losses, analysis warned that Bitcoin could still easily fall much lower if a nearby support level failed to hold.
Monitoring resource Material Indicators explained that BTC price action had “lost key technical support” and that $22,000 — the sight of a recent resistance/support (R/S) flip — was now all that remained for bulls to hold onto.
“The local R/S Flip zone is the last stand between a retest at the trend line. Meanwhile, Trend Precognition is indicating a downtrend,” it wrote in part of a Twitter update on the day.
Accompanying charts showed the trend line and the BTC/USD order book on Binance at stake, with bid liquidity at $22,000.
Cointelegraph contributor Michaël 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.
“Crucial area for #Bitcoin is to hold the $21.3K area. Losing that, and we’ll see another sweep toward $19.5Kish and altcoins dropping 15-25%,” he predicted on March 4.
Van de Poppe nonetheless maintained a more optimistic view overall, suggesting that $40,000 could still appear “in a few months.“
“Moral of the story: Dollar-Cost Average and have balls to buy when you don’t feel confident,” he advised in part of a subsequent post.
With Silvergate’s potential
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