Bitgert Price (BRISE-USD) is having a major pullback after a great start to 2023. As BTC price dipped below $20k on the weekend, BRISE coin retested a strong demand zone. At one point, the price plummeted 41% below its year high as it tagged the February low of $0.0000004046.
Nevertheless, the price has significantly recovered since then and is now trading 11.46% above its Saturday low. On Monday, major altcoins are also showing positive price action as Bitcoin surged above $22,000 once again. This is after the cryptocurrencies just had one of the worst weekends in their short history.
BRISE Coin Sell-Off Intensified At The Weekend
Global crypto markets tanked on Saturday as Circle announced its $3.3 billion exposure to the Silicon Valley Bank. Following the announcement, the 5th biggest cryptocurrency and 2nd biggest stablecoin, USDC, lost its peg. This created a wave of panic in the market as the investors rushed to protect their capital. Consequently, Bitgert price saw a massive sell-off during the weekend along with other altcoins.
On Sunday, the official press release from US financial regulators assured the SVB depositors of having their money back. Markets are taking this intervention from the US government as a positive sign and have shown a strong bounce since then. This has also produced a positive impact on the BRISE coin, which is up 1.92% for the day.
Bitgert Price Maintains The Bullish Structure
Despite the nerve-wracking FUD in the past few days, the BRISE price is still maintaining its uptrend on a higher timeframe. This uptrend started with the new year and the price has constantly been making higher lows and higher highs on the daily chart. The following chart reveals that Bitgert price prediction will remain bullish in the near term if the price holds a key level.
This level is the February low of $0.000000404 which is now acting as a nice support. In case of a daily closure below this level, BRISE can target the year low of $0.000000280. This will be a 40% decrease from the current price of 0.000000466.
