Bitcoin price targets are increasing as the bulls are increasingly failing to keep the price at $20,000. The fallout from SVB Financial is causing more problems for the Bitcoin price.
SVB is a key player in the US cryptocurrency market, and the sell-off sparked fears of a wider contagion.
The $20,000 level has been a key battleground for Bitcoin in recent weeks, with bulls and bears fighting for control. The bulls managed to retake the level on a number of occasions, but the bears have been resurgent in recent days.
With the stock market in turmoil, the $18,000 level is now in focus for traders. A break below this support could see a further sell-off, with $16,000 the next key level to watch.
In a move that mimicked crypto exchange banking partner Silvergate, SVB also began to spark knock-on effects for non-United States banks on the day. For Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, the writing was on the wall.
“First it was Silvergate, then Silicon Valley Bank and now First Republic Bank. All sinking massively on the markets. It’s 2008 all over again,” he summarized.
With that, U.S. equities started the March 10 session in the red as neraby SVB Bank lost over 10% in market cap.