Bitcoin Price Prediction for Today, March 3: BTC Price Inevitably Drops to $22K

Bitcoin Slides to the Oversold Sector as BTC Price Inevitably Drops to $22K – March 3, 2023

After a week of price wrangling below the resistance at $24,000, BTC’s price inevitably drops to $22K. Buyers failed to recover the $24,000 price level after being denied at the overhead barrier. The largest cryptocurrency has returned to the bearish trend zone, indicating an impending further decline.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,407.86
•Bitcoin market cap – $432,762,041,590
•Bitcoin circulating supply – 19,306,731 BTC
•Bitcoin total supply – $470,702,776,800
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

The cost of Bitcoin swiftly fell below the moving average lines on March 3, hitting a low of $21,968. When Bitcoin corrected upward today, the bulls bought the dips. But, the upward correction has come to an end due to selling pressure. On February 10, the price of Bitcoin hit a low of $21,500 before beginning to rise once more. The price continued to rise, hitting a peak of $25,234 on February 16. The BTC price is anticipated to revisit its previous low of $21,500 today. At this time, the price of Bitcoin is looping over the $22,000 support. The upward momentum could resume on the downside if the existing support is maintained. But, if the current support is broken, the price of BTC will drop back to its previous low of $21,500. The largest cryptocurrency asset may drop down to the $20,000 psychological price threshold if it also loses the $21,500 support.

The Silvergate Scandal Causes a 5% Decline in Bitcoin Price in 60 Minutes

In the early hours of March 3, the price of BTC plunged sharply by 5% in 60 minutes, wiping out $22 billion from Bitcoin’s market capitalization. In just over 60 minutes, the price of Bitcoin (BTC) dropped more than 5% from $23,500 to $22,240 due to a wave of unease around the crypto-friendly bank Silvergate Capital. The market capitalization of Bitcoin, which is at $430.9 billion, has decreased by $22 billion as a result of the price decline. According to the research, numerous cryptocurrencies other than Bitcoin have also experienced a similar dramatic decrease, including Eth (ETH), XRP (XRP), Cardano (ADA), Polygon (MATIC), and others.

In the interim, the largest cryptocurrency plunged precipitously to the oversold region as the BTC price inevitably drops to $22K. According to the price indication, BTC will eventually decline to level 2.0 of the Fibonacci extension, or $22,209. Yet, based on the movement of the market, the cost of Bitcoin fell to a low of $22,000 before increasing once more. The current slide has reached the oversold sector of the market. Further decrease is unlikely

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