Bitcoin dips to some degree as the crypto market witnessed altcoins trading in red amidst the uncertainty in the economy.
In a minor setback to the crypto market, Bitcoin dipped below $22800 to trade in red, while other cryptos also underwent a downward trend. ETH also traded below $1500, while Bitcoin’s volume rose steadily by over 14% to settle at approximately $22 billion. But experts have termed this a temporary phase, with Bitcoin’s value soaring in January 2023.
While Bitcoin dips, the crypto market also went through a declining movement, which could be attributed to the uncertainty of regulations for crypto worldwide, especially in the US. Experts believe most investors and traders have parked their surplus cash in safer asset classes for the time being until further clarity is received for the crypto industry. While many countries have taken positive initiatives in the recent past for the crypto industry, a global consensus on regulations is also needed for the crypto market.
Other altcoins traded lower as Bitcoin dipped, with BNB falling by 6.6%, and Dogecoin, Polygon, Shiba Inu, and XRP also trading lower than their previous levels. The volume of all stablecoins stood at around $56 billion, while Bitcoin’s market capitalization lingered around $419 billion.
Market sentiments were broadly uncertain due to upcoming reports in the US regarding inflation. While BTC’s resistance is at $21800, its support is at $21650. Experts have maintained a positive stance, claiming after such temporary lows, BTC would rebound to further highs in 2023.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21700 on February 14, 2023, with BTC/USD down by 0.25% in the previous 24 hours, and most altcoins trading with bearish trends. BTC/USD is trading below its 20-day EMA (22,590.77) as of right now.