The crypto market underwent some losses, with Bitcoin dropping minutely after a long-drawn rally.
The crypto market was somewhat trading with losses on February 22, with most altcoins in red. Bitcoin dropped by 3.23% to trade close to $24000, while ETH also fell below $1650. Bitcoin’s volume rose by over 17% to stand at around $32 billion, while the market capitalization of the crypto market fell by 3.8%, though it still hovered over $1 trillion.
The latest decline could be due to anticipation of the Federal Open Market Committee (FOMC) minutes on February 22, which has likely made investors and traders slightly cautious. With Bitcoin dropping from its earlier range, it is currently trading between $23900 and $24300 with immediate support at $23750.
Overall, market sentiments are currently neutral, as conveyed by several experts, though uncertainties regarding the upcoming interest rate hikes remain. The crypto market rallied with renewed optimism in the last few days, with Bitcoin touching as high as $25000 after several months. Hence, the present downtrend could indicate a cautious approach being taken by all stakeholders of the crypto market.
BNB, Cardano, XRP, Polkadot and other cryptos were trading with losses presently after Bitcoin dropped from its higher levels. But experts have expressed bullish sentiments for Bitcoin in the upcoming days, expecting it to cross the $30000 mark within March, with suitable economic conditions globally.
BTC/USD 1 month price chart
After Bitcoin dropped moderately, it is currently trading at around $23800 on February 22, 2023, with BTC/USD down by over 3% in the previous 24 hours. Almost all other cryptos registered losses in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,247.55).