Bitcoin March 15 – BTC drops 6% and drops below $25,000

A difficult milestone for Bitcoin – Despite the violent movement known at the beginning of the week, the sellers are showing themselves at the level of the resistance at $25,000. Bitcoin (BTC) fails to stay above $25,000 for long. At the same time, the banking sector continues to worry operators. In effect, Credit Suisse plunges 20%, and French banks are not spared. Despite the context, can BTC continue its trend?

This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.


Bitcoin price drops 6% in 24 hours

There volatility is back on the cryptocurrency market. After experiencing a nice buying reaction below $20,000, the Bitcoin (BTC) blocked at the resistance And 6% drop in 24 hours.

Bitcoin drops 6% in 24 hours - March 15, 2023
Performance of Bitcoin against different pairs Source: Coincheckup

For 24 hours, the sellers have regained control. Bitcoin price down 2% since 1 hr. Despite everything, Bitcoin has been regaining color for a few weeks and is showing a 10% increase in one week and an increase of 38% in one month.

Bitcoin Trading Volumes Rise

After the bankruptcy of FTXTHE trading volumes on Bitcoin have considerably fall.

Trading volume marks a high since FTX collapsed.
Bitcoin trading volume Source: Kaiko

Volumes decreased following the FTX affair. The month of December experienced trading volumes particularly weak. Since the beginning of 2023, volumes have been increasing. A new high was even marked on March 14 with the overtaking of $26,000. Operators seem to be interested in cryptocurrencies again.

Bitcoin price drops below $25,000

In the previous editionwe were talking about the fact that Bitcoin had to hold the level of support at 25,000 dollars to attempt to get back to the next resistance level at $28,500. Unfortunately, the level did not hold.

Against the dollar, Bitcoin has been falling for 24 hours - March 15, 2023
Bitcoin price against the dollar (4H)

The course must keep the bracket at $23,900 to try to re-attack the resistance at $25,000. The price rebounds at the level of support and institutional bias (EMA 9/EMA 18), around $24,000. If the sellers manage to break the support, the price could reach the next level of support at $22,500 (red arrow).

The RSI is rejected at the level of the resistance identified during the previous edition, in the overbought zone. THE overheating momentum. He needs to come down.

After a explosive start to the weekthe operators take profits. Resistance at $25,000 is holding, but the buyers may not have had their final say. Due to the current context, the probabilities to have no rate hike at the next meeting increase. Faced with the crisis situation, will Jerome Powell have to turn around, only a week after announcing that the FED could accelerate the rate hike?

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Last Verdict

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