The largest cryptocurrency in the world, Bitcoin, saw a strong reversal in market momentum during the past 24 hours, going from a recent high of $25,100 to around $24,000. Ethereum has also witnessed a steady fall during this time, mirroring the downward trend of Bitcoin.
However, the imminent release of US preliminary GDP statistics and PCE figures, which are anticipated to heighten market volatility, is mostly to blame for the decrease in the bitcoin market.
One further issue driving investors to hesitate and adding to the recent losses in Bitcoin is the impending release of the Federal Reserve’s February meeting minutes. The central bank is anticipated to adopt a hawkish position in the minutes, which would restrict the advances of the cryptocurrency.
Interestingly, the previously reported higher-than-expected US PMI has provided the Fed additional space to hike interest rates due to the economy.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,940.37 |
Bitcoin Price Prediction
Bitcoin’s current live price is $24,207, with a 24-hour trading volume of $28.9 billion. Bitcoin’s value has increased by 0.47% during the past day. With a live market value of $467 billion, a circulating supply of 19,299,243 BTC coins, and a maximum supply of 21,000,000 BTC coins, according to CoinMarketCap, Bitcoin is now the most valuable cryptocurrency.
With support coming from an upward trendline around roughly $24,000, Bitcoin is showing an ascending triangle pattern on the 2-hour period. The next support level for Bitcoin is anticipated to be approximately $23,400 if its price drops below this mark. With both the RSI and the MACD indicators currently in the selling range, Bitcoin is under extra selling pressure.
The first resistance level for Bitcoin is expected to appear soon at $24,500. A price breakout over this level might occur if the purchasing pressure picks up steam, allowing Bitcoin to test the next resistance level at $25,200.
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