Will we witness the return of bitcoin prices to fall again in 2023
The cryptocurrency market took a heavy beating last week with the spread of FUD (Fear, Uncertainty and Unrest) surrounding the operations of Silvergate Bank.
The huge shake-up stems from the fact that over the years Silvergate has been the leading corporate bank in the cryptocurrency space.
Technical analysis:
Bitcoin prices provided strong negative trades after prices broke the uptrend and failed to breach the main resistance level at 25000. If the selling pressure continues and stability below the 22000 level, it will pressure the prices with more negativity and drop towards 20800-18000 levels as next negative targets, and the bearish outlook remains likely as long as prices range. Below the uptrend and below the key resistance at 25,000.
But if prices return to rise and hold above the mentioned main resistance level, the bearish outlook will fail, and we will see the price continue to rise towards 28500-31500 levels as the following positive targets:
