{"id":562017,"date":"2023-03-10T18:07:19","date_gmt":"2023-03-10T15:07:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\/"},"modified":"2023-03-10T18:07:19","modified_gmt":"2023-03-10T15:07:19","slug":"bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\/","title":{"rendered":"# Bitcoin battles $20K as trader calls bank chaos &#8216;2008 all over again&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a418c5b97c0c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a418c5b97c0c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\/#%E2%80%9D_Bitcoin_battles_20K_as_trader_calls_bank_chaos_%E2%80%982008_all_over_again_%E2%80%9C\" >&#8221; Bitcoin battles $20K as trader calls bank chaos &#8216;2008 all over again&#8217; &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\/#Trader_targets_18000_BTC_price\" >Trader targets $18,000 BTC price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\/#Commentators_see_Fed_pivot_pressure_building\" >Commentators see Fed pivot pressure building<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_battles_20K_as_trader_calls_bank_chaos_%E2%80%982008_all_over_again_%E2%80%9C\"><\/span>&#8221; Bitcoin battles $20K as trader calls bank chaos &#8216;2008 all over again&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/4b3b1095-0709-4d5f-a8f9-f57264109a5a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_targets_18000_BTC_price\"><\/span>Trader targets $18,000 BTC price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0followed BTC\/USD as it nursed fresh losses, reaching $19,569 on Bitstamp.\u00a0<\/p>\n<p>The pair had seen further downside prior to the open as embattled SVB Financial saw another 60% wiped off its stock price.<\/p>\n<p>In a move that\u00a0mimicked crypto exchange banking partner Silvergate, SVB also began to spark knock-on effects for non-U.S. banks on the day.<\/p>\n<p>For Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, the writing was on the wall.<\/p>\n<p>&#8220;First it was Silvergate, then Silicon Valley Bank and now First Republic Bank. All sinking massively on the markets. It&#8217;s 2008 all over again,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1634199284202590209\">summarized<\/a>.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1634199284202590209\"><\/a><\/p>\n<p>With that, U.S. equities started the March 10 session in the red as nervous traders waited to see the full extent of the SVB contagion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Is a banking crisis beginning to hit?<br \/>Japanese banks DOWN 5%-6.2%.<br \/>Bank of America DOWN 6.2%<br \/>Barclays DOWN 6.2%<br \/>JPM DOWN 5.4%<br \/>Wells Fargo DOWN 6.13%<br \/>The dogs which are not barking in the night are Eurozone G-SIBs&#8230; Yet!<\/p>\n<p>\u2014 Alasdair Macleod (@MacleodFinance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MacleodFinance\/status\/1634184566410735618?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;Both Silvergate and Silicon Valley seemingly invested in low yield treasuries before the Fed tightening cycle&#8230; treasuries that nobody would want to buy now with &#8220;risk free&#8221; treasuries at 5% directly from the government,&#8221; part of comments by trader and analyst Scott Melker stated.<\/p>\n<blockquote><p>&#8220;They were forced to sell at a steep discount, taking on massive losses. This further shakes the market faith, causes more withdrawals and leads to insolvency.&#8221;<\/p><\/blockquote>\n<p>Melker said that the setup was a &#8220;slippery slope.&#8221;<\/p>\n<p>In terms of BTC price action, Van de Poppe meanwhile eyed levels as low as $18,000 for a potential long entry. Above $20,000, on the other hand, was now a short opportunity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Levels I&#8217;d be looking at with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>:<\/p>\n<p>&#8211; Potential shorts around $20.6K and\/or $21.4K.<br \/>&#8211; Potential longs at $18.1-18.6K including bull. divs and\/or HL confirmation. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/CifRSlaHQW\">pic.twitter.com\/CifRSlaHQW<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1634181521123733508?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Commentators_see_Fed_pivot_pressure_building\"><\/span>Commentators see Fed pivot pressure building<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A silver lining came in the form of what markets commentator Holger Zschaepitz <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1634186720399818752\">described<\/a> as &#8220;mixed&#8221; U.S. jobs data, helping allay fears of a significant policy shift by the Federal Reserve.<\/p>\n<p><strong><em>Related:\u00a0Why is Bitcoin price down today?<\/em><\/strong><\/p>\n<p>&#8220;Traders are now pricing in a 25bps hike from the Fed in March following today\u2019s jobs data. Previously, 50bps was priced,&#8221; popular analytics account Tedtalksmacro <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1634189874067816448\">added<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1634186604054200320\">calling<\/a> the data a &#8220;mixed bag.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1634189874067816448\"><\/a><\/p>\n<p>Data from CME Group&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">FedWatch Tool<\/a> confirmed the switch-around in market expectations for the upcoming Federal Open Market Committee (FOMC) meeting due March 22.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/a7b4a1ed-4318-4070-ac3e-89065659dae4.png\"><figcaption style=\"text-align: center;\"><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n<p>For some, however, the extent of the SVB crisis was reason to believe that the Fed would have no choice but to abandon its monetary tightening and &#8220;pivot&#8221; on interest rate hikes.<\/p>\n<p>&#8220;SVB dealing with a full blown run on the bank. The bad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> is this is going to accelerate very quickly into a systemic crisis,&#8221; crypto entrepreneur David Bailey <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DavidFBailey\/status\/1633952286316568577\">reacted<\/a>. <\/p>\n<p>He added that &#8220;The good news is the Fed will have no choice but to pivot imminently or risk imploding the entire financial system.&#8221;<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-battles-20k-as-trader-calls-bank-chaos-2008-all-over-again\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin battles $20K as trader calls bank chaos &#8216;2008 all over again&#8217; &#8220; Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader targets $18,000 BTC price Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/da2563a3-ec68-4585-990c-f4ba4811d9ea.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,71939,73785],"class_list":["post-562017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-banks","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=562017"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562018"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}