{"id":614433,"date":"2023-03-05T07:50:26","date_gmt":"2023-03-05T13:50:26","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/05\/bitcoin-price-prediction-btc-outlook-after-silvergate-and-tether-news\/"},"modified":"2023-03-05T07:50:26","modified_gmt":"2023-03-05T13:50:26","slug":"bitcoin-price-prediction-btc-outlook-after-silvergate-and-tether-news","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/05\/bitcoin-price-prediction-btc-outlook-after-silvergate-and-tether-news\/","title":{"rendered":"Bitcoin price prediction: BTC outlook after Silvergate and Tether news"},"content":{"rendered":"<div>\n<div>\n<picture><source  type=\"image\/webp\" media=\"(min-width: 750px)\"><source  type=\"image\/webp\"><source  type=\"image\/jpeg\" media=\"(min-width: 750px)\"><source  type=\"image\/jpeg\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/1970\/01\/1678014254854-9a970867-6556-4383-8765-3853562800b6.jpg\" alt width=\"100%\" height=\"100%\">\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin price outlook after this week\u2019s Silvergate and Tether news.<\/li>\n<li dir=\"ltr\">BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.<\/li>\n<li dir=\"ltr\">The $20k zone is a critical and psychological level for bulls.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative <a href=\"https:\/\/coinjournal.net\/news\/\">crypto-related news<\/a>.<\/p>\n<p dir=\"ltr\">However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.<\/p>\n<h2 dir=\"ltr\">Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news<\/h2>\n<p dir=\"ltr\">On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.<\/p>\n<p dir=\"ltr\">Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.<\/p>\n<p dir=\"ltr\">But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged \u2013 the Wall Street Journal published an <a href=\"https:\/\/www.wsj.com\/articles\/crypto-companies-behind-tether-used-falsified-documents-and-shell-companies-to-get-bank-accounts-f798b0a5\" rel=\"noopener noreferrer\" target=\"_blank\">article<\/a> related to Tether, the company that issues the world\u2019s largest stablecoin USDT. Allegedly, Tether and Bitfinex used \u201c<em>falsified documents<\/em>\u201d to acquire banks accounts amid questions over the stablecoin\u2019s reserves.<\/p>\n<p dir=\"ltr\">Crypto trader and investor Scott Melker heighted the WSJ\u2019s report in a Twitter thread on Friday.<\/p>\n<blockquote data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The allegations in the report could have significant implications for Tether and the wider crypto market. If Tether&#8217;s dollar reserves are not what they have been claimed to be, it could lead to a collapse in the value of the cryptocurrency.<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/1631722651029839888?ref_src=twsrc%5Etfw\">March 3, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Bitcoin price outlook: What next for BTC\/USD?<\/h2>\n<p dir=\"ltr\">The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there\u2019s indecision as signaled by the doji candlesticks.<\/p>\n<div>\n<p><span><span><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/02\/05\/1678013344519-da45f320-ef91-4996-b3db-0085214d6846.png\" width=\"600\" height=\"236\"><span><\/span><\/p>\n<p dir=\"ltr\"><em>Bitcoin price movement on the 4-hour chart. Source:\u00a0<\/em><a href=\"https:\/\/www.tradingview.com\/x\/KsNQpt7f\/\" rel=\"noopener noreferrer\" target=\"_blank\"><em>TradingView<\/em><\/a><\/p>\n<p><\/span><br \/>\n<\/span><\/p>\n<p>If bears take charge further, BTC\/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.<\/p>\n<\/div>\n<p dir=\"ltr\">On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.<\/p>\n<p dir=\"ltr\">The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand.\u00a0<\/p>\n<p dir=\"ltr\">However, there\u2019s potential formation of an inverse head &#038; shoulders pattern. The neckline of this likely inverse H&#038;S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.<\/p>\n<div>\n<p><span><span><\/p>\n<p dir=\"ltr\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/media.igms.io\/2023\/02\/05\/1678013522876-4781650c-2844-4cbb-a13b-a4074cf1e01e.png\" width=\"600\" height=\"236\"><span><em>Bitcoin price prediction levels on daily chart.Source:\u00a0<\/em><a href=\"https:\/\/www.tradingview.com\/x\/tuebmppx\/\" rel=\"noopener noreferrer\" target=\"_blank\"><em>TradingView<\/em><\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<\/div>\n<div>\n<hr>\n<h6>Share this article<\/h6>\n<hr>\n<h6>Categories<\/h6>\n<hr>\n<h6>Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-prediction-btc-outlook-after-silvergate-and-tether-news\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Benson Toti<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price outlook after this week\u2019s Silvergate and Tether news. BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs. The $20k zone is a critical and psychological level for bulls. Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination<\/p>\n","protected":false},"author":1,"featured_media":614434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,4759],"tags":[],"class_list":["post-614433","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-price"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/614433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=614433"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/614433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/614434"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=614433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=614433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=614433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}