Bitcoin Price Prediction as Tether Fear Uncertainty and Doubt Sends BTC to $22,000 Level – Where is BTC Heading Now?

Tether Fear Uncertainty and Doubt Sends BTC to $22,000 Level as Bitcoin Price Forecast - Where is BTC now going?

It's interesting to note that Silvergate Capital (SI) declared on Wednesday night that it would postpone the submission of its annual report because of losses sustained during the November FTX meltdown and many regulatory inquiries.

This consequently has a negative effect on investor and trader confidence in the stability and security of the cryptocurrency business, which could lead to a significant sell-off in the market.

In addition, the backlash against Silvergate Capital has heightened regulatory scrutiny of the cryptocurrency sector, making authorities less inclined to provide licenses to companies involved in the sector. This can restrict the industry's ability to develop and thrive.

Due to a number of variables, the global cryptocurrency market is expected to close the week on a negative note. It has been suggested that the Federal Reserve may act more aggressively to battle persistent inflation by raising interest rates as a result of the publication of strong US economic data.

In order to be ready for prospective rate increases and inflation, traders and investors are attentively monitoring economic indicators. It seems conceivable that the Federal Reserve will raise its policy rate to a level higher than anticipated in late last year because the economy is doing well and inflationary pressures are still strong.

With a 24-hour trading volume of $18.5 billion and a price of $22,357, bitcoin has lost 0.25% on the previous day. Similar to Bitcoin, Ethereum is currently trading at $1,570 with a $6.7 billion 24-hour trading volume and has decreased by 0.15% in the past 24 hours.

The symmetrical triangle formation may be broken by the BTC/USD pair at the $23,250 level, according to technical analysis. The Bitcoin price could be exposed to the $22,046 support area in such a case. If this support zone continues to break down, BTC might go as low as $21,450.
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