Bitcoin, Ethereum, Dogecoin Fall Amid Regulatory Jitters: Analyst Says 'Things Could Get Ugly Again' If Apex Crypto Rejects $23K

Major coins traded in the red on Monday evening, following yet another turbulent week of macroeconomic uncertainty and ongoing fears of regulatory repercussions.

What Happened: Apex cryptocurrency Bitcoin BTC/USD was trading 0.4% lower, just above $23,000. Ethereum ETH/USD was trading at less than $1,700. Dogecoin DOGE/USD was trading marginally down at $0.081 in the last 24 hours. 

At the time of writing, the global crypto market capitalization stood at $1.07 trillion, down 0.36% in the last 24 hours.

U.S. equities rose sharply on Monday, as traders rebounded from the worst week of the year on Wall Street and looked ahead to another busy week of retail earnings. The S&P 500 was up 0.31% and the Nasdaq Composite rose 0.63%. The moves came as Treasury yields eased, following a jump on Friday after a hotter-than-expected reading from the Federal Reserve’s favorite inflation metric.

See More: Best Crypto Day Trading Strategies

The Solana SOL/USD blockchain is back online and fully operational. The network went down in the early hours of Saturday, causing transactions to not process as expected. After an attempt at restarting the network failed, engineers were able to successfully implement a second solution. 

More than 50 million Americans, representing 20% of the adult population, now own cryptocurrency, according to a recent survey commissioned by Coinbase COIN. In addition, the survey found that Americans feel the current global financial system is unfair, with 67% of respondents expressing the need for “major changes or a complete overhaul” in order to improve it.

Coinbase announced that it will be suspending the trading of Binance USD BUSD/USD, effective March 13, due to the stablecoin not meeting the company's listing standards. 

Analyst Notes: Crypto analyst Michaël van de Poppe said that if Bitcoin rejects the crucial $23,800 level, it would indicate another test of the support. He believes that if it reclaims $25,000, then long positions will be triggered.

Scenario I´d be looking at, right now for #Bitcoin.

Rejecting at crucial $23.8K level would indicate that we´ll be having another test of the support.

If that sweep happens and we reclaim, $25K test is inevitable and longs are triggered. pic.twitter.com/qwVEwAyTrY

— Michaël van de Poppe (@CryptoMichNL) February 27, 2023

Analyst Justin Bennett said that $23,000 remains a critical level of support for bulls. If that level is breached on the daily time frame, the outlook could turn bearish quickly. On the other hand, reclaiming the $23,800 level on the daily time frame could open up the possibility to reach the $25,200 highs.

There's the $BTC selloff from $23,800, as mentioned on Saturday. 🎯

$23k remains a must-hold area for bulls.

Lose that on the daily time frame, and things could get ugly again.

Reclaim $23,800 on the daily, and it opens up those $25,200 equal highs. #Bitcoin https://t.co/ioBeg1FiZG pic.twitter.com/RKAsJW8EUy

— Justin Bennett (@JustinBennettFX) February 27, 2023

Pseudonymous analyst Kaleo warned that Bitcoin Bears are using the current LTF pullback as an attempt to persuade investors that the market is heading lower. However, Kaleo believes this is only a routine breakout and retest before Bitcoin continues its climb higher. 

#Bitcoin / $BTC

Bears are using this LTF pullback to try and convince you that we're heading lower, when it's nothing more than a simple breakout / retest before continuing the send higher. pic.twitter.com/FpYtojCnMW

— K A L E O (@CryptoKaleo) February 27, 2023

Read Next: Why Kevin O'Leary Of 'Shark Tank' Says Crypto Investments Are Floundering