After rising continuously for a couple of days, Bitcoin slipped below $24000 amidst a minor sell-off.
Bitcoin’s rally continued on February 16, when it hit a new high of $25000 in 2023. Despite uncertainty in the global economic conditions, Bitcoin stayed resilient and continued to rally. The entire crypto market’s market capitalization had increased considerably before encountering a slight downward trend. Bitcoin slipped below $24000, while other cryptos also started shedding losses.
Cryptos such as ETH, Polkadot and Avalanche also traded lower than their earlier levels. Bitcoin slipped by 4% while its volume increased by more than 6% to stand at around $38.98 billion. The new sell-offs in the crypto markets could be due to an increase in the Producer Price Index (PPI).
Yet, Bitcoin has risen by 73% from its lower points at the end of 2022, triggering a market-wide rally in the crypto market. At present, Shiba Inu has dipped by 6% while XRP, Cardano and Dogecoin also slipped from their highs. Even after Bitcoin’s slip, the crypto market maintained a market capitalization of over $1 trillion, dominated by Bitcoin at $457 billion.
Experts have expressed optimism for the second half of 2023 when they expect the crypto market to rise even higher. While Bitcoin slipped below $24000, it is expected to hit $30000 by the end of March.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23800 on February 17, 2023, with BTC/USD down by 4% in the previous 24 hours. Almost all other altcoins registered slight losses in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,037.95).