Bitcoin Price Touches $19,600 - Time To Buy The Dip?

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The recent events in the crypto industry dragged Bitcoin prices and other assets down. BTC’s price was red for over seven days in March. But the number one coin surprised the cryptocurrency market when the bulls stopped its bears from dragging it to $19,600 yesterday. Since the last 24 hours, the bulls have been ahead in the market with matchless pressure on the price of crypto.

As of today, March 11, 2023, BTC is up by 3.39%, trading at $20,615 at the time of writing. Bitcoin’s bullish signals today have left investors wondering if it’s the right time to buy the dip.

Bitcoin Price Trend

Bitcoin experienced an eventful January as it started 2023 at $16k+ but rose dramatically by 42% and sat around $23,720 on February 2, 2023.

All through February, BTC struggled to maintain the $23.9k mark as the bears contended with the asset’s price. Unluckily, the bears managed to creep in, causing Bitcoin to drop. The coin traded in the red for almost seven days this March before seeing the recovery that started on March 10.

At the time of writing, BTC’s live price as of today, March 11, is $20,592. This indicates a 3.19% increase in the asset’s recovery.

Bitcoin Price Prediction

Bitcoin has made a dramatic recovery today, March 11, and is trading at $20,206 at the time of writing. Today, crypto’s Fear and Greed Index is still in the FEAR zone and could leave the zone before the next 24 hours if the bulls keep pushing.

Bitcoin is trading below its 50-Day SMA (Simple Moving Average), which indicates a short-term bearish sentiment toward the asset. However, its Relative Strength Index is at 28.34, close to the OVERSOLD region of 30. Bitcoin’s MACD (Moving Average Convergence/Divergence) is negative, indicating the current downtrend and a SELL signal for the investors.

But BTC trades above its 200-Day SMA, depicting a long-term bullish price trend. The critical support levels are $18,924, $19,260, and $19,697, while the resistance levels are $20,470, $20,807, and $21,243. BTC’s price is beyond its strongest support level of $19,697. Anticipate a potential price spike if the bulls hold the market in the following days.

Factors Influencing Bitcoin’s Value

Investor sentiment, crypto regulations, network trends, and events can affect cryptocurrencies, including Bitcoin. Let’s look at some recent events associated with the price action of BTC.

Non-Farm Payrolls increased by 311K Beyond Market Estimation

In February 2023, the total number of Non-Farm Payroll employment increased by 311,000, which dropped the unemployment rate to 3.6%. Notable jobs secured were in retail trade, leisure and hospitality, health care, and government. Employment in transportation and warehousing and Information were declined.

The decreased unemployment and increased employment rate in the US can influence the price of US stocks and cryptocurrencies like bitcoin. The high employment rate would keep the economy vibrant, causing the prices of most risk-on assets to decline.

Notably, when the unemployment rate increases, crypto asset prices rise. But the recent report shows that both NFP and employment rate spiked, pushing asset prices down.

Silicon Valley Bank Fails after Silvergate’s Fall

Not long after the fall of Silvergate Bank, the renowned crypto bank Silicon Valley Bank was shut down. SVB’s stock fell drastically, and the Financial Regulatory Department of California shut down the bank on Friday, March 10, 2023, to secure insured deposits.

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— Wall Street Silver (@WallStreetSilv) March 10, 2023

The California financial regulatory department appointed the FDIC (Federal Deposit Insurance Corporation) to handle operations. The FDIC launched the Deposit Insurance National Bank (DINB) of Santa Clara and moved SVB deposits into the new entity.

According to the FDIC, insured depositors can withdraw their funds from the new entity by Monday. The closure of these banks may have a huge effect on the crypto industry, especially startups like Fintech and others offering existing services in different sectors, says Eliezer Ndinga – 21Shares Research Director.

BTC Alternatives

Bitcoin’s recent price action convinces some investors and traders that it’s climbing back to its $23k mark. However, most investors seek a plan B as a way to diversify. Here are some alternatives to look out for to earn.

C+Charge (CCHG)

C+Charge and its eco-friendly blockchain innovation are solving the disasters caused by the traditional recharge pattern of electric vehicles. A tap of a button on the network’s mobile app will help EV drivers locate the nearest charging station and learn about their prices and the charging duration of the electric vehicles.

Furthermore, EV drivers will receive rewards from the network for paying through the blockchain to recharge their electric vehicles. EV drivers can redeem their rewards using the native token of the C+Charge innovation – CCHG.

CCHG is on its 5th presale stage with 1 CCHG worth $0.018. Since the token’s presale began in December 2022, it has raised roughly $2 million. Investors can cash out of their investments once the token is listed on exchanges.

Fight Out (FGHT)

Fight Out aims to introduce an innovation that facilities and encourages workouts in the fitness sector. Its Move-to-Earn (M2E) and Play-To-Earn (P2E) innovation will skyrocket the industry’s outlook. The M2E technology rewards users with the platform’s native token when they exercise with the Fight Out app.

The same applies to players on the P2E technology as they earn the platform’s native token for playing games on the platform. Fight Out’s innovation provides users with several features, including training schedules, tips, and mobile crypto games.

Fight Out’s presale has raised over $5 million, trading 1 its native token (FGHT) at $0.0261 USDT. After the presale, the token’s price will skyrocket as exchanges add them to their product list.

RobotEra (TARO)

RobotEra is revolutionizing the gaming sector with its metaverse-centered crypto game. Like The Sandbox and Decentraland, users can enjoy different in-game opportunities and redeem digital rewards with their TARO – the platform’s native token.

RobotEra aims to launch a planet-like virtual metaverse that users can access using different NFT characters issued on the ETH blockchain. Since the presale of the platform’s native token (TARO), RobotEra has raised more than $900,000, with the price of 1 TARO equivalent to $0.02. As more investors participate in this innovation, the price will likely spike after the presale.

EstateX (ESX)

EstateX targets the real estate niche. It aims at providing streamlined and modernized investment processes for realtors. The platform plans simplify real estate investments, making opportunities accessible and affordable for everyone across the globe.

EstateX seeks to realize this project by tendering ‘fractional ownership’ of assets within its ecosystem. Property holders and realtors can now purchase, trade, or sell their assets across the platform with its native token, ESX. Also, ESX will facilitate every transaction on the platform for maximum security.

Since EstateX commenced its presale, it has raised $1+ million in its fourth round and trades a token (ESX) for $0.003. The price will skyrocket once the token goes live on various exchanges in the general crypto market.

Smog (SMOG) - Meme Coin With Rewards

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