The crypto market prepares for another round of Fed rate hikes, which could further trigger the markets in either direction.
Bitcoin began the month by bouncing back above $23000 after declining below the mark. The crypto market was trading higher than the previous day, but volatility has been high. ETH also fell below the $16000 mark as there were continued sell-offs in the crypto market. Volumes of Bitcoin fell over 16% in the last 24 hours to just above $22 billion. Bitcoin started the month after experiencing a bullish run in January 2023.
Bitcoin has maintained bullish trends, pushing towards new highs in January 2023. The dips have also been steep, but it has managed to reclaim its losses each time. The 50-day moving average of BTC has surpassed the 200-day moving average as well, which could indicate a strong bull market. Cardano, XRP, Dogecoin, Litecoin, and Polygon, amongst other altcoins, registered gains early on February 1.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23000 on February 1, 2023, with BTC/USD down by 0.49% in the previous 24 hours, with most other cryptos trading with mixed trends in the last day. BTC/USD is trading higher above its 20-day EMA (20,773.04).
The market capitalization of Bitcoin lingered above $446 billion, while that of the crypto market stayed above $1 trillion. February 1 could influence the crypto market heavily with the upcoming meeting in the US on interest rate hikes.