Bitcoin’s price (BTC) suffered a much price decline in the past few days as the price dropped from a region of $23,500 to a low of $19,500 within a few hours following the collapse of Silicon valley bank (SVB).
Other Reading: Traders Panic as Crypto Market Capitalization Falls Below $1 Trillion
SVG has become the 16th world bank suffering a devasting collapse which has shocked many people in the traditional financial system; this collapse has had a domino effect on the whole financial market, including the crypto market as BTC, Ethereum (ETH) and other altcoins suffered much loses.
Following the historic failure of Silicon Valley Bank (SVB), governments in the United Kingdom and the United States have taken extraordinary measures to avert a banking crisis, even as another significant bank was shut down.
6.7 billion pounds ($8.1 billion) in deposits were secured through the sale of SVB UK to HSBC, the largest bank in Europe, thanks to the UK Treasury and the Bank of England.
Bitcoin’s price has responded well over the weekend as the price bounced off from the region of $19,500 to a high of $22,500 in the early with many still skeptical that the price of 1 Bitcoin (BTC) would be in the UK, US, and other parts following its sudden decline with the traditional market.
1 Bitcoin (BTC) Price Chart Analysis In the UK, US
The price of BTC suffered what looked like a sudden price decline following the collapse of SVB, as this has also affected many financial institutions and startups. Bitcoin’s price has responded well as price formed what looked like a double bottom over the weekend on the four-hourly timeframe as the price bounced off to trade at around $22,500, which is equivalent to 18,500 pounds in the UK.
The price of BTC is struggling to break past the region of $22,500, which is acting as price resistance for the price of BTC. If the price fails to break this region, we could see the price dropping to a region of $21,000 and possibly $19,500, where the price formed good support for the price.
