Bitcoin and Ethereum failed to reverse the downtrend and remained under pressure. By contrast, BTC is hovering around $23,500 as investors have turned to safer investment avenues amid growing macroeconomic uncertainty.
After strong US data was released, suggesting the economy was picking up and requiring less government help in the form of low interest rates, there was an immediate drop in Bitcoin’s value.
Investors and traders are concerned about the possibility of inflation and rising interest rates as a result of the situation.
The global crypto market is currently experiencing a downtrend, with Bitcoin trying to breach the critical resistance level of $23,752, which could lead to a price drop to $22,801.
In the past 24 hours, Ethereum’s value has fallen 0.98%, reflecting broader market losses from last week, as total crypto market capitalization declined from $1.12 trillion to $1.08 trillion. on Tuesday. The most valuable crypto is trading around the $23,000 level.
Other popular cryptocurrencies like Dogecoin, Litecoin, Ripple, and Solana also saw minor losses.
The US Commerce Department’s statement on February 27 that durable goods orders had declined 4.53% since December has led to mounting pressure on the Fed to end its rate hike scheme. interest rates in advance. This news may be the impetus for a reversal of Bitcoin’s recent downturn and a rally in the near future.
The current value of Bitcoin is $23.436 billion, having seen a 0.31% drop in the last 24 hours.
The BTC/USD pair has not seen much change in its technical outlook as BTC has held below the combined resistance of $23,750, with $22,800 as the next support level. If the price falls below this level, Bitcoin could find support at $22,151.
Ethereum price falls 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 occupies the second position.
Technically, the ETH/USD pair is facing a short-term hurdle at the $1,665 level, and a break of this barrier could reveal a fresh move higher towards the $1,726 level. The RSI and MACD indicators headed to the buy zone, indicating that the probability of a sustained uptrend is high.
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