Crypto Market Flashes Bullish Signs as Bitcoin Recovers $23K

28. February 2023 admin

• Bitcoin (BTC) recaptured $23K as LDO, EGLD, THETA and KLAY flashed bullish signs.
• The CME FedWatch Tool showed a 73% probability of a 25 basis points rate hike by the Fed in the March meeting.
• Crypto market data suggested some coins entered a deeper correction while few bucked the trend and continued to outperform.

Bitcoin Recaptures $23K

The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin BTC price is chasing after $24,000 again, raising the possibility of LDO, EGLD, THETA and KLAY targeting new year-to-date highs.

CME FedWatch Tool Shows Rate Hike Probability

The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Federal Reserve in its March meeting. After hotter-than-expected inflation readings in two weeks, though, there is an increasing possibility of a 50 basis point rate hike being implemented.

Crypto Market Data Suggests Some Coins Enter Deeper Correction

Crypto market data suggests that some coins enter a deeper correction while others have bucked this trend and continue to outperform. This makes it important to select which coins to trade wisely.

BTC/USDT Price Analysis

BTC/USDT daily chart shows that Bitcoin plunged below 20-day exponential moving average ($23,391) on Feb 24 but failed to sustain itself below strong support at $22,800. As bulls attempt to push the price above 20-day EMA once more, it is possible for BTC/USDT pair to consolidate between $25250 and $22800 for several days. Alternatively, if the price slips below 22,700 then selling could intensify with next strong support at 21480.

Conclusion

Ultimately it’s important to watch out for key levels when trading cryptocurrencies during periods of uncertainty so that traders can make informed decisions on which coins are likely to outperform or experience deeper corrections depending on their analysis of current market conditions.