Almost all cryptos have traded flat in the last 24 hours, with BTC moving towards $23000 steadily.
The crypto market traded without much change in the last 24 hours, rising slightly but without the bullish sentiments it carried in January. The present situation could be likely attributed to all crypto market stakeholders being in a wait-and-watch mode, as Fed Chair Jerome Powell speaks later on February 7, and some clarity is achieved.
BTC rose slightly, while ETH also managed to stay above $1600. Volumes of BTC rose by over 16% to around $24 billion. Bitcoin continued to trade very tightly, between the range of $22800 and $23000, earnestly waiting for a trigger to surge past the resistance.
Crypto proponents maintained an optimistic stance due to the market’s fantastic run in January 2023. It may have lost some steam in February, but experts expect the market to continue the bullish momentum throughout 2023.
Bitcoin occupied around $442 billion out of the total market capitalization of the crypto market, which stayed above $1 trillion. Analysts have advised bracing for volatility ahead as the market adjusts to the changing macroeconomic conditions of the world.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22900 on February 7, 2023, with BTC/USD up by 0.87% in the previous 24 hours, with most other altcoins trading at the same levels in the last 24 hours. BTC/USD is trading higher above its 20-day EMA (22,025.19).