Bitcoin [BTC] drops amidst Silvergate woes- Can bulls defend the $21K support?
BTC posted solid gains after jumping from $16.61K in early January to $25.25K in February. In the past few weeks, $22.63K has been steady support, showing bulls weren’t willing to exit yet. However, Silvergate’s woes on 2 March tipped bears to breach the support.
At press time, they struggled to bypass the 50-day EMA of $22,373. If bears succeed in pushing BTC below the 50-day EMA, they have another hurdle at 100-day EMA to bypass. The RSI showed increased divergence with price action since mid-January, reiterating the weakening uptrend momentum. Moreover, the retreating Average Directional Index confirms the weak uptrend and suggests a potential retracement or consolidation.According to Santiment, BTC’s sentiment remained negative in the past few days after sustaining fluctuations a couple of weeks before.
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