Bitcoin and Ethereum failed to reverse the downtrend and remained under pressure. In contrast, BTC is hovering above $23,500 as investors have opted for safer investment avenues amid growing macroeconomic uncertainty.
After strong data was released from the US, suggesting the economy is recovering and requiring less government aid in the form of low-interest rates, there was an immediate drop in the value of Bitcoin.
Investors and traders are concerned about the possibility of inflation and increased interest rates as a result of the situation.
The global crypto market is currently experiencing a downtrend, with Bitcoin trying to break through the critical $23,752 resistance level, which could lead to a price drop to $22,801.
In the last 24 hours, the Ethereum’s value has dropped by 0.98%, mirroring the wider market losses in the past week as the total crypto-market capitalization decreased from $1.12 trillion to $1.08 trillion on Tuesday. The most valuable crypto is trading around the $23,000 level.
Other popular cryptocurrencies such as Dogecoin, Litecoin, Ripple, and Solana also suffered minor losses.
The US Department of Commerce’s statement on February 27 that orders for durable goods had declined by 4.53% from December has led to mounting pressure on the Fed to end its interest rate increase scheme in advance. This news may be the impetus for Bitcoin’s recent downturn to reverse and an upswing in the near future.
The current value of Bitcoin is $23.436 billion, having seen a 0.31% decline in the last 24 hours.
The BTC/USD pair has not seen much change in its technical outlook since BTC has stayed below the combined resistance of $23,750, with $22,800 the next level of support. If the price falls below this level, Bitcoin could face support at $22,151.
Ethereum price drops by 0.5%
Ethereum is priced at $1,629 with a 24-hour trading volume of $6.91 billion. The price has decreased by 0.51%. Ethereum holds the second position.
Technically, the ETH/USD pair is facing a near-term obstacle at the $1,665 level, and a breach of this barrier could reveal a further upside move toward the $1,726 level. The RSI and MACD indicators went the buy zone, indicating that the probability of a sustained upward trend is high.
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