Bitcoin price settles at $22.4k as daily RSI retraces 2023 bull run
Bitcoin (BTC) traded around $22,400 at the March 3 Wall Street open, as analysts remained divided over the odds of a recovery.
Hoping for a reverse “Bart Simpson” on BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading flat after an overnight flash crash saw $1,000 shaved off in minutes.
As Cointelegraph reported, concern over the fate of Silvergate Bank worsened the existing market’s cold feet and triggered a margin call cascade to $22,000.
At the time of writing, only a modest comeback had taken place, while opinions differed on what short-term price action would be.
“Locked in some profit here on my $23,200 short and moved stop loss to profit so it’s risk free,” a risk averse Crypto Tony told Twitter followers on the day.
“Note those who were quick to speak at length when we had not even regained resistance.”
Fellow trading account Daan Crypto Trades suggested that Bitcoin could see a mirror-like recovery to produce the inverted version of the classic “Bart Simpson” chart structure.
Popular trader and analyst Pentoshi, meanwhile, took a step back, saying he “didn’t know” what might lie in store for markets.
“Wanted to see a clear break at $23.8k, which we couldn’t get. Then waited for the $22.3k area, which has been hit and filled now,” Cointelegraph contributor Michaël van de Poppe, founder and managing director director of the Eight trading firm, added in part of his latest update on Bitcoin.
$20,000 “inevitable” if $21,300 doesn’t hold
Further analysis provided some more hopeful long-term perspectives.
Related: 3 BTC Price Obstacle Bitcoin Bulls Fail to Clear in 2023
The overnight decline completely reset Bitcoin’s Relative Strength Index (RSI) on daily time frames, the score now matching its position from the start of 2023.
Popular commentator Mustache, who uploaded a chart fractal comparing current behavior to the end of the 2018 bear market, also suggested that better times were around the corner.
It was “still possible,” he warned, however, that BTC/USD would fall to $21,300.
$21,300, meanwhile, formed a longing invalidation level, according to blockchain analyst Mikybull Crypto.
“BTC hit the TL support and has a minor reaction. I’m still looking to see a confirmation that takes a long time,” part of the analysis of the 4-hour chart tired.
“Remember $21300 is void level and price breaks it, 20k is inevitable.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
