The crypto market tested its resistance and struggled to break free from its close trading range, while Bitcoin stayed below $23500.
The crypto market took a slightly different turn after February 21, after BTC hit the $25000 mark after several months. Bitcoin stayed above the $24000 level for a few days, fuelling hopes for a further rally in the coming days. But that did not happen, and the crypto market is set to end the month on a cooler note, with Bitcoin staying below $23500 at the moment.
Bulls are still optimistic regarding the short-term future of the crypto market, yet, most of them are cautious regarding the economic conditions worldwide. Regulatory pressures from the United States and other factors probably contributed to Bitcoin shedding around 10% from its highs of February 21. Regulators in the west are divided on their opinions regarding Bitcoin, with most supporting regulation while some oppose it.
Along with Bitcoin, Ethereum was also trading lower, just below $1650. Bitcoin’s volume rose by around 30% to just about $22.28 billion. Most cryptos declined in the last 24 hours, likely due to the United States Durable Goods Orders data for January, which indicated a drop of 4.5%. Despite improving conditions, investors and traders have become more cautious of inflation and rising interest rate hikes in the last few days.
BTC/USD 1 month price chart
With Bitcoin staying below $23500, it is currently trading at around $23200 on February 28, 2023, with BTC/USD down by 0.83% in the previous 24 hours. Polygon, Solana, Polkadot, and other cryptos registered declining trends in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (23,333.12).