BTC Moves to New Multi-Week Low After Announcement of Silvergate Liquidation – Market Updates

Bitcoin was trading further lower on March 9 as prices fell to a fresh multi-week low in today’s session. The drop came as crypto bank Silvergate confirmed it would cease operations. Ethereum also set deeper.

Bitcoin

Bitcoin (BTC) fell for a fourth straight Thursday as markets reacted to news that Silvergate Bank will liquidate its operations.

After hitting a high of $22,198.90 on Wednesday, BTC/USD slipped to an intraday low of $21,609.99 today.

The price drop pushed Bitcoin to its lowest level since Feb. 13, when it traded at a low of $21,366.

Looking at the chart, this recent sell-off coincided with the decline in the 14-day relative-strengthindex (RSI) to its lowest level since November 28 combined.

As of this writing, the index is trading at 36.86, which is slightly below its 37.00 support point.

Despite this, BTC remains above its own floor at $21,600 and should this zone hold steady, there is a chance prices could recover by the weekend.

Ethereum

Ethereum (ETH) also remained in the red in today’s session, posting a third consecutive decline.

ETH/USD moved to a low of $1,530.43 earlier in the day, which comes less than 24 hours after hitting a high of $1,563.41.

Similar to Bitcoin, this drop resulted in the second largest cryptocurrency the world slipped to its weakest level since mid-February.

Overall, Ethereum is down nearly 7% over the past seven days and this comes as the 10-day moving average (red) extended a crossover of its 25-day (blue) counterpart.

At the time of writing, the RSI is also hovering around a multi-month low of 40.57, last seen on December 19th.

If this trend continues, there is a strong possibility that ETH could drop to a bottom near $1,500.

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Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

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