Bitcoin-BTC - the highest of all cryptocurrencies in terms of the entire market capitalization - witnessed a sharp reversal in the momentum of its price trends over the last 24 hours, as its price fell below $24,000, down from the recent highs around $25,100 in acute relapse Similar to the most prominent currency in the crypto arena, the price of Ethereum (ETH) followed the trend of its counterpart Bitcoin (BTC) recording a gradual decrease over the same period.
In any case, the downward trend - in general - in the digital currency market can be attributed to the expected release of preliminary data on gross domestic product (GDP) and personal consumption expenditures (PCE) mainly in the United States of America, which may increase the price fluctuations of the currency markets. digital.
Start of new week seeing a lot of negative delta, while price still holds above $24,000
— JW (@JohnWTrading) February 22, 2023
If we were to drop, I would be looking at the imbalance marked below, but in the meantime we could see a squeeze higher#BTC pic.twitter.com/v6vle4v8VB
In addition, the imminent release of the February Federal Reserve meeting report is seen as an additional factor to increase investor hesitation, contributing to the further losses incurred in the Bitcoin (BTC) price; As it is expected that the report of the Federal Reserve meeting will reveal a stance that tends to continue its hawkish approach regarding its monetary policies, which may contribute to limiting the gains of the most prominent digital currency.
Most Asian currencies fell on Tuesday, while the dollar advanced against a basket of currencies as markets awaited more cues on U.S. monetary policy from the minutes of the Federal Reserve’s February meeting and more inflation data. pic.twitter.com/hlICzmpzpA
— Parkmoneyfx (@parkmoneyfx) February 21, 2023
It should also be noted that the US Purchasing Managers' Index (US PMI) - which was recently released with higher than expected values - has given the Federal Reserve additional economic grace to raise interest rates.