Bitcoin Price Prediction for Today, March 11: BTC Price Pauses Above the Psychological $20K Level

Bitcoin Price Falls Significantly Three Times as It Pauses Above the Psychological $20K Level – March 11, 2023

The largest cryptocurrency has returned to its previous price of January 18 as it pauses above the psychological $20K level. On March 10, BTC’s price fell to a low of $19,592 before regaining the psychological $20,000 level. In hindsight, Bitcoin was trading above the psychological $20,000 price level before the uptrend on January 14. The price continued to rise, reaching a high of $25,234 on February 16. At the time of writing, one Bitcoin costs $20,590.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,590.28
•Bitcoin market cap – $396,501,352,629
•Bitcoin circulating supply – 19,314,062 BTC
•Bitcoin total supply – $430,842,820,771
•Bitcoin Coinmarketcap ranking – # 1

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

On March 10, the price of Bitcoin (BTC) fell sharply and breached the critical support level of $20,000.The bulls bought the dips as it rose back above the $20,000 psychological price level. Before the most recent decline, the cryptocurrency asset’s price had been range-bound between $21,500 and $24,000. The downtrend was caused by buyers’ inability to keep up their bullish momentum above the $25,000 overhead resistance. Bitcoin is currently in the oversold region of the market as a result of its recent decline.

The selling pressure ought to lessen as the market moves closer to the oversold region. If the current support holds, however, the price of BTC will rise. The $21,500 and $22,300 price ranges will initially serve as obstacles to the upward movement. Bitcoin will soar to its previous range-bound region between $21,500 and $24,000 if they are broken above. In contrast, there will be more selling pressure if the bears break through the $20,000 support. The market will decline until it reaches its previous low, which was above $18,000.

Bitcoin Drops below $20,000 Due to Silvergate and the Biden Budget Breaking News

On March 10, BTC briefly fell below $20,000, but it was essentially unchanged as of this writing. The failure of “crypto-bank” Silvergate and the publication of Joe Biden’s most recent budget proposal caused Bitcoin to briefly drop below $20,000 for the first time in almost two months. CoinMarketCap data show that on March 10, the price of BTC fell to $19,945 before rising to a steady level just above $20,000. While 2023 got off to a great start for bitcoin, it fell as much as 5% in an hour on March 3 due to uncertainty at Silvergate. The price hasn’t appeared to be able to go up since then. One potential major obstacle for the cryptocurrency industry is the news that Silvergate Bank, one of the major American banks that offer services to cryptocurrency companies, entered into voluntary liquidation on March 8.

Bitcoin is currently trading above the current support level, just above the psychological $20K level. The decline is necessary as a result of the rejection at the $25,000 overhead resistance. The largest cryptocurrency underwent three significant price drops before reaching the $20,000 psychological price level. The market has reached the oversold level. Maintaining the current support will be advantageous to buyers.

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