Bitcoin trades just over $23000 amidst selling pressure

The crypto market witnessed increasing sell-offs in the last couple of days, while Bitcoin trades over $23000 with stability.

In a late-night selling spree on February 24 witnessed by the crypto market, Bitcoin fell below its trading range and almost dipped below $23000. It gained momentum gradually and stabilized over the level. While Bitcoin traded in a lower range, other cryptos also faced losses.

ETH managed to stay just above $1600, while BNB, XRP, Cardano, and Polygon have all shed losses cumulatively in the last week. Ethereum is also trading more than 5% lower than its levels exactly a week back. Bitcoin maintained a trading volume of over $22 billion in the last 24 hours, while the total crypto volume was just over $48 billion on the last day.

Most experts believe that the worst for Bitcoin was over, and it was on the way towards another bull run in 2023. While February was comparatively cooler than January for the crypto market, it is yet much above its bearish levels at the end of 2022. Global economic concerns still remain for the crypto market, with the Fed being uncertain about the future of interest rate hikes and inflation. 

BTC/USD 1 month price chart

As Bitcoin traded above $23000 for a couple of days, volatility has decreased slightly, and BTC is currently trading at around $23250 on February 26, 2023, with BTC/USD up by 0.8% in the previous 24 hours. Almost all other altcoins registered mixed outcomes in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (23,284.69). The positive signals for the crypto market have come from the willingness of several countries worldwide to regulate the sector.

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