In The Midst Of Cryptocurrency Bank Issues, Bitcoin Pauses. Analysts Are Cautiously Eyeing The "Death Cross".

On Monday, there was no movement in the price of bitcoin and other cryptocurrencies, which remained lower than their recent highs on worries that market pressure on banks with a focus on cryptocurrencies would have an impact.

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Throughout the preceding 24 hours, the price of Bitcoin has remained at or below $22,400. The most valuable digital currency is holding at its lowest levels since early February, having spent much of the previous month trading between $23,000 and $25,000 before falling all the way to the $22,000 region late last week after negative news about crypto-focused banks.

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The most recent transfer drop has been sparked by increasing regulatory scrutiny and information about a financial crisis at Silvergate Capital, a significant banker to the digital asset market. Fears have been voiced that crypto enterprises may struggle to access banking companies in the U.S. as a result of the events at Silvergate and the possibility that regulators may crack down on domestic banks, which could be a current headwind for token markets.

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With Federal Reserve Chairman Jerome Powell testifying before Congress on Tuesday and Wednesday, the monthly U.S. jobs report on Friday, and U.S. inflation data next week on tap, Bitcoin is likely to draw cues from the Dow Jones Industrial Average and S&P 500 in the coming week or two.

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Cryptos' technical reputation, however, seems to be deteriorating.

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While Bitcoin and U.S. The dollar has withstood angry sellers' assaults; it has no immediate plans to rebound from the bottom, according to expert Alex Kuptsikevich at dealer FxPro.

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Kuptsikevich continued, "Technically, the 50-week transfer common continues to behave as a genuine opposition from which the promotion intensifies. The weekly Demise Cross "makes for a guarded view of the near-term prognosis and retains the potential for a recovery to the $16,300 to $18,000 stage," according to the analysis.

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Analysts are undoubtedly watching for a "demise cross," which is a technical market evaluation phenomena when a chart shows the value of an asset's 50-day transferring common going below the 200-day transfer common—a gloomy indicator. Although showing a death crossing on its chart, Bitcoin is staying relatively firm, at least for the time being.

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The second-largest cryptocurrency behind Bitcoin, Ether, lost less than 1% of its value to under $1,575. Smaller cryptocurrencies or altcoins have been less strong, with Cardano and Polygon each falling by 2%. Similar movement was seen in memecoins, with Dogecoin and Shiba Inu Commercial - Scroll to Continue both losing 2%.