The crypto market has maintained an eerie calm in the last 24 hours, trading horizontally with mixed trends.
Bitcoin continued to trade in a tight range without much volatility as the macroeconomic data from the United States couldn’t propel the markets to a rallying spree. Long-term outlooks for the crypto market remained bright, but uncertain macroeconomic conditions of the world have been a hurdle for the next wave of a bull run in the market.
A few experts had termed the current position of BTC as mimicking that of late 2020 when it had recovered from its lows from the highs of 2017. In 2021 it rallied to all-time highs, which has led to some experts expecting a bull run in 2023. A few analysts expressed concern for the weakened US Dollar Index as well. There were some opinions of BTC going through another bout of sell-offs before rising again.
On the economic front, central bankers worldwide could transit to a phase of slower interest rate hikes as 2023 progresses, which could provide a boost to the markets. But it depends on inflationary data and other aspects, which are uncertain as of now.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23300 on February 5, 2023, with BTC/USD up by 0.30% in the previous 24 hours, with most other cryptos trading at almost the same levels in the last 24 hours. BTC/USD is trading higher above its 20-day EMA (21,465.17).