❗ Bitcoin extends falls on Silvergate fallout, 21,398 in sight,
BTC/USD has been falling despite the relative calm in stock markets. Fed Chair Powell's point that no decision on a big hike had been made did not impact the cryptocurrency.
What does hurt Bitcoin is the crypto-industry, most recently the troubles at Silvergate. The crypto lender is under investigation, as part of the ongoing fallout from FTX's collapse.
After some consolidation, BTC/USD fell decisively below 22,131, and is heading toward 21,398. The next cushion is 20,000 .Resistance above 22,131 is at 22,612. I expect further gradual falls, despite the fact that the 4h-RSI is below 30 once again, indicating oversold conditions.
What does hurt Bitcoin is the crypto-industry, most recently the troubles at Silvergate. The crypto lender is under investigation, as part of the ongoing fallout from FTX's collapse.
After some consolidation, BTC/USD fell decisively below 22,131, and is heading toward 21,398. The next cushion is 20,000 .Resistance above 22,131 is at 22,612. I expect further gradual falls, despite the fact that the 4h-RSI is below 30 once again, indicating oversold conditions.