Bitcoin witnesses high volatility after an initial rally

Bitcoin hovered around $23500 as it struggled to touch $24000 again, with the market witnessing high volatility.

Bitcoin continued to stay below $23500, with many experts worrying it may dip to $23000. The crypto market witnessed mixed results in the last 24 hours, with Tron, Shiba Inu, and Polkadot registering gains while BTC, ETH, BNB, and Polygon were trading in the red. ETH also witnessed a minor dip, while volumes of BTC fell over 2% to stand just above $29 billion.

Bitcoin had rallied with market-wide bullish sentiments after the Fed’s slower interest hike, hitting $24000 after several months. Traders likely booked profits as the crypto shed losses after the rally. The new resistance for ETH has also formed at $1700 as it struggled to cross the mark. Experts have warned of a correction in the upcoming few days, most likely due to high volatility and uncertainty regarding the upcoming U.S. Consumer Price Index report.

BTC/USD 1 month price chart

Bitcoin is currently trading at around $23400 on February 3, 2023, with BTC/USD down by 0.21% in the previous 24 hours, with most other cryptos trading with mixed trends in the last day. BTC/USD is trading higher above its 20-day EMA (21,468.01). Long-term crypto proponents have remained optimistic regarding the market, with macroeconomic conditions improving in the last month globally. Inflation has cooled down slightly, which would urge central bankers to go slow with the interest rate hikes in 2023.

Press ESC to close