While Bitcoin (BTC) rallied for the first 45 days of the year, its price has been more bearish in recent weeks due to the United States Securities and Exchange Commission’s (SEC) continued crackdown on crypto firms and Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank decision to wind down operations.
The volatility has left many in the cryptocurrency community confused about the future price of the maiden digital asset, with many traders turning to deep learning algorithms to forecast the coin’s price for the end of the month.
Besides the artificial intelligence (AI) price estimation, the thoughts of the crypto community over at CoinMarketCap, which have an 81% historical accuracy of predicting Bitcoin’s price over the last six months, are also worth examining. Notably, the most recent estimation accuracy for the end of February was 89.63%.
Should the estimations of 12,377 member votes prove true for March 31, it would mean that the price of Bitcoin by the end of March will trade at $21,192, a decline of -2.43% or -$528 at the time of publication.
Bitcoin technical analysis
Bitcoin’s technical analysis (TA) on TradingView’s 1-day gauges remains mixed; its summary aligns with the ‘sell’ sentiment at 11, resulting from oscillators pointing at ‘buy’ at 3 and moving averages (MA) indicating a ‘sell’ at 10.
In the last 24 hours, Bitcoin was trading as high as $22,198 and fell to as low as $21,588. Currently, Bitcoin is trading at $21,733, down 1.12% on the day and a further 6.51% across the previous week, with a total market capitalization of $420 billion, as per the data retrieved by Finbold on March 9.
Due to the fact that it was unable to break through the crucial $22,250 resistance zone, investors’ expectations for a rebound in the price of Bitcoin were disappointed. The price continued to fall, breaking below the $22,000 mark that was acting as support as relentless bears exercised their impact.
This steep collapse helped prepare the way for even higher losses as the price continued to fall to set a new monthly low. At this time, the price of Bitcoin is consolidating the losses it has sustained over this turbulent period.
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