Major coins traded in the red on Sunday evening as investors continued to digest crypto-friendly bank Silvergate Capital’s (NYSE:SI) failure.

What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) was trading below $23,000 after a volatile trading session. 

Ethereum (CRYPTO: ETH) was exchanging hands below  $1,600. Dogecoin (CRYPTO: DOGE) was trading at $0.074, down 1.65% in the last 24 hours. 

At the time of writing, the global crypto market capitalization stood at $1.03 trillion, a decrease of 0.68% over the last day.

U.S. equities rose on Friday as Treasury yields retreated from their recent highs, with investors gauging the cumulative effects of the Federal Reserve's rate hikes already implemented and taking in the central bank's commentary this week. The S&P 500 rose 1.61% while the Nasdaq Composite climbed 1.97%.

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Michaël van de Poppe, founder and CEO of trading firm Eight, warned that if Bitcoin fails to hold $21,300, altcoins could face significant losses. If the support level breaks, he believes the price of Bitcoin could dip to nearly $19,500, while altcoins could suffer drops of up to 25%. 

Van de Poppe, nonetheless, maintained a more optimistic view overall, suggesting that $40,000 could still appear “in a few months.”

 “Moral of the story: Dollar-Cost Average and have balls to buy when you don’t feel confident,” he advised in part of a subsequent post.

Daan Crypto Trades, a pseudonymous crypto analyst noted that since the breakdown Bitcoin closed each 4 hour candle within a $41 range. “The steak has been broken.”

Analyst Justin Bennett said that Bitcoin is currently seeing a buying spree at the January trend line. He said, nevertheless, the major obstacle now is the monthly open price of $23,130. “If Bitcoin fails to reclaim that level soon, it is likely to trend lower towards the $20,800 liquidity pool.”

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