Bitcoin «Unpleasant» in the Shadow of Silvergate

Cryptocurrency began the first trading day of the week in the shadow of Silvergate. The total value of the crypto market fell to $1.022 trillion after falling last week. Bitcoin tested gold at $22,000.
The crypto world was shaken by the Silvergate scandal last week. The crypto-oriented bank Silvergate has postponed the publication of its annual financial statements. This move of the bank has caused concerns of bankruptcy. Cryptographic exchanges have temporarily suspended deposits and withdrawals on the Silvegate Exchange network. Coinbase removed leading companies such as Galaxy Digital from using Silvergate as a banking partner.
Changes in the world economy related to interest rates and inflation are being closely monitored. Fed Chairman Jerome Powell is expected to address Congress on Tuesday and Wednesday. Powell’s reports on interest rates and inflation will be taken into account. Markets expect the Fed to continue raising interest rates. The decision on 25 basis points or 50 basis points would be crucial to the rate increase. On the European side, a 50-point increase is almost certain. European Central Bank (ECB) President Christine Lagarde announced at the March 16 meeting that the bank is preparing to raise interest rates by 50 basis points. Employment data from the United States is provided as tracking data.
Bitcoin has been quiet since February after its rally in January. How will bitcoin work in March? What are the critical levels in bitcoin? Let’s take a look at Bitcoin analysis.

Bitcoin'in (BTC) teknik analizi

Cryptocurrency markets started the week horizontally. Bitcoin is trading near the $22,400 boundary. BTC's dominance fluctuates around 42.4 percent. The leading cryptocurrency is dangling in a very narrow range between $22,270 and $22,500. BTC fell from $24,000 to $22,000 after the Silvergate crisis. The cryptocurrency market capitalization has also fallen to the $1 trillion mark.
According to the BTC / USD chart, it is claimed that around $22,000 is the critical support level for bitcoin. If this level is broken down, moves at the $21,370 level will be monitored. If the decline continues, attention will be focused on the $20,400 and $19,240 levels. If BTC turns back to the growth direction, the first resistance level will be $22,750. If it manages to stay above this level, movements around $23,285 and $23,700 will follow. The Bitcoin Fear and Greed Index has also turned downward. The index fell to 48 points and is in neutral territory.