BTC has been lingering around the $23000 mark for a few days now, but has been unable to stay above the level in a consolidated manner.
Bitcoin has repeatedly brushed off the $23000 mark in the last 24 hours but has gone down the level in an attempt to trigger a rally. Traders are bullish on BTC, with a few analysts predicting a further rally in the near future.
But recent macroeconomic factors may have pulled back the crypto markets from rallying beyond the present levels. ETH is also hovering just below $1600 in an attempt to cross it.
Most other altcoins have witnessed corrections in the last day. Solana, Shiba Inu, Litecoin, and Dogecoin were also trading in the red.
On January 25, the United States announced a growth in their gross domestic product by 2.9% in the fourth quarter, which is better than the predicted results. The forecast ahead is uncertain though, with unpredictable interest rate hikes, oil prices, and the weaker US dollar index.The overall market capitalization of crypto markets stayed above $1 trillion, while volumes of BTC fell by 13% in the last 24 hours to just above $26 billion.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22900 on January 27, 2023, with BTC/USD down by 0.11% in the previous 24 hours, with most other cryptos trading with mixed results in the last day. BTC/USD is trading higher above its 20-day EMA (19,845.55).