Bitcoin, Ethereum, Dogecoin Mixed As Banking Worries Deepen: Analyst Says 'Trading Isn't Black And White', Predicts Apex Crypto To Reach $40k
Benzinga
Published Mar 27, 2023 04:06
Updated Mar 27, 2023 05:10
Benzinga - Major coins traded mixed on Sunday evening as the recent banking crisis in the United States has caused many investors to question the reliability of the traditional banking system.
| Bitcoin | +0.78% | $27,873 |
| Ethereum | +0.66% | $1,767 |
| Dogecoin | -0.36% | $0.073 |
Ethereum (CRYPTO: ETH) was up 0.66% to change hands below $1,800. Dogecoin (CRYPTO: DOGE) was trading at $0.073, down 0.36% in the last 24 hours.
| Rocket Pool | +9.35% | $42 |
| ssv.network | +9.14% | $37.51 |
| Conflux | +7.23% | $0.34 |
U.S. stocks rose Friday after a volatile trading session. Although Friday began with fears that the banking crisis was spilling over to Deutsche Bank, the markets rebounded to end the week on a higher note. The S&P 500 rose 0.56%, while Nasdaq Composite ticked up 0.3%.
See More: Best Crypto Day Trading Strategies
News Highlights: Liquidity is a major problem in today's crypto market. According to the Kaiko data provider, large orders without market depth can cause large price fluctuations, leaving traders vulnerable to slippage and even potential losses.
Conor Ryder, Research analyst at Kaoiko said the liquidity crisis has been particularly evident in Bitcoin, where the closure of two key US-based banks has significantly reduced liquidity levels to 10-month lows. The same liquidity crunch is also affecting the decentralized finance (DeFi) sector.
The liquidity situation in crypto is worsening after the banking fears this monthAnalyst Notes: Crypto analyst Michaël van de Poppe said that he predicted Bitcoin would drop to $25,000, but the apex crypto resisted and made a substantial correction to $26,200. He believes BTC would eventually reach $40,000. “Trading isn’t black and white, it’s often grey. This push makes me believe we’ll continue up.”I dived into several liquidity metrics to give an update on all things crypto liquidity
First, $BTC liquidity has dropped to 10 month lows as market makers lose access to USD payment rails pic.twitter.com/RwcBEJ8y5Z
— Conor Ryder (@ConorRyder) March 23, 2023
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Yes, I believed we were going to drop to $25K.Crypto analyst Justin Bennett had a snarky response to Balaji Srinivasan's bold $1 million bet. He said, if Bitcoin were to lose $26,500 on high times frames, then this would be the most obvious short entry point that the majority of crypto Twitter missed because they were promised $1 million in Bitcoin in just 90 days.However, we did squeeze to $28.7K and make a substantial correction to $26.2K. I also mentioned we’ll most likely go to $40K after.
Trading isn’t black and white, it’s often grey.
This push makes me believe we’ll continue up.
— Michaël van de Poppe (@CryptoMichNL) March 23, 2023
If $BTC loses $26,500 on the HTFs, this will go down as the most obvious short entry that most of crypto Twitter missed because they were promised $1 million #Bitcoin in 90 days.Read Next: Web3 Token Surpasses Bitcoin, Ethereum In Weekly Gains With 33% Surge On Microsoft Tie-UpOnly in crypto. https://t.co/GUWze1Juy9 pic.twitter.com/fDYa24jCNM
— Justin Bennett (@JustinBennettFX) March 25, 2023
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