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 earlier 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-off Crypto Tony told Twitter followers.
“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.
I know we all think that. #Bitcoin pic.twitter.com/uNxedPrgDR
— Daan Crypto Trades (@DaanCrypto) March 3, 2023
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 waiting for the $22.3K area, which has been hit and filled now,” added Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, in part of his latest update on Bitcoin.
$20,000 “inevitable” if $21,300 doesn’t last
Further analysis provided some more hopeful long-term perspectives.
Related: 3 BTC Price Obstacle Bitcoin Bulls Fail to Clear in 2023
The overnight drop completely reset Bitcoin’s relative strength index (RSI) on daily time frames, with the score now matching its early 2023 position.
Popular commentator Mustache, who uploaded a fractal chart comparing current behavior to the end of the 2018 bear market, also suggested that better times were around the corner.
It is “still possible,” he warned, however, for BTC/USD to fall to $21,300.
#Bitcoin 2019 vs. #Bitcoin 2023
Took a little longer, but we saw the dump as expected (see further tweet).
USDT. Dominance meets strong opposition, and $BTC is right on the trend line, as in ’19. ($21,300 still possible).
The scenario remains intact as long as the trend line holds pic.twitter.com/a1NoYg8Jt6
— ⓗ (@el_crypto_prof) March 3, 2023
$21,300, meanwhile, formed a longing invalidation level, according to blockchain analyst Mikybull Crypto.
“BTC hit the TL support and got a minor reaction. I’m still watching to see a confirmation that takes a long time,” part of an analysis of the four-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.
