Bitcoin Price Remains Unstable Following Silvergate Capital’s Delayed 10-K Report
Bitcoin price has remained unstable following the news that Silvergate Capital has delayed filling a 10-K report. The cryptocurrency market experienced a massive sell-off last Friday, with Bitcoin losing $1,400 in value. The stock crashed over 30%, triggering a wave of selling in the cryptocurrency market.
Investors are used to Bitcoin’s volatility, with the price down -47.5% in the last 12 months and up 32.74% YTD. However, the fact that the price did not bounce back as bulls would have hoped is a worrying sign.
For bulls to have a case, Bitcoin needs to hold support and break two resistance levels. The first resistance level is at $50,000, and the second is at $60,000. If Bitcoin can break these levels, it could signal a bullish trend for the cryptocurrency.
The delay in Silvergate Capital’s 10-K report has caused uncertainty in the cryptocurrency market, with investors unsure of the company’s future. However, it remains to be seen whether this will have a long-term impact on Bitcoin’s price.
Despite the recent sell-off, some analysts remain bullish on Bitcoin’s long-term prospects. They believe that the cryptocurrency’s adoption by mainstream institutions and its limited supply will drive its price higher in the coming years.
As always, investors should exercise caution when investing in cryptocurrencies, as they remain highly volatile and unpredictable.
