The price of Bitcoin has seen a slight decrease over the past 24 hours, trading just below $23,300.[0] This follows its recent peak of $25,000 and its current price is still up from below $16,500 at the beginning of 2023.[1] The global crypto market cap stands at $1.065 trillion, and Bitcoin’s dominance rate is 42.2%.
The market’s overall trend is upward, as Bitcoin has risen from $16K to $25K in just a few weeks.[2] Should Bitcoin surpass the $25K threshold, it is likely that it could quickly soar beyond 30K.[2] Bitcoin’s inability to surpass the essential resistance level implies that the market may be about to experience another downturn.[2]
Bitcoin bulls attempted to stage a midday rally higher but were rejected at $24,000, leading to a pullback to a daily low of $23,255 before reinforcements arrived to bid it back above support at $23,400.[3]
Whale activity is rising on Bitcoin spot exchanges as the Bitcoin Exchange Whale Ratio – a metric comparing the top 10 Bitcoin transactions flowing into exchanges to the total number of exchange inflows – rose to 0.78 as of March 1st, compared to roughly 0.5 last month.[4] Bitcoin whales, unique entities owning 1,000 BTC or more, have also decreased to 1,663, which is well below the peak of 2,161 in February 2021.[5]
The U.S. Federal Reserve’s most preferred inflation measure, the PCE Price Index, showed the disinflation trend reversed in January, increasing the odds of the Fed hiking its benchmark fed funds rate 50 basis points in March. Additionally, the CME Group expect a 72.3% chance that the Fed will raise rates by another 25 basis points this month.
The overall cryptocurrency market cap was trading marginally lower to the $1.07 trillion mark, falling about half a per cent in the last 24 hours. The total trading volumes decreased by over 3%, amounting to $43.97 billion.[6] Top Cryptocurrency Prices Today March 3 show Bitcoin holding at $23,000, while Cardano, Shiba Inu, and Avalanche shed up to 3%.[7]
It is worth noting that PCE and PCEPI rose by 1.8% and 0.6%, respectively, in January.[8]
0. “Crypto Analyst Who Nailed 2018 Bitcoin Bottom Issues Warning, Says BTC and One AI Altcoin To Dive Lower” The Daily Hodl, 2 Mar. 2023, https://dailyhodl.com/2023/03/02/crypto-analyst-who-nailed-2018-bitcoin-bottom-issues-warning-says-btc-and-one-ai-altcoin-to-dive-lower/
1. “Bitcoin Price Stalls Below $24,000. Long-Term Crypto Holders Are Still Buying.” Barron’s, 28 Feb. 2023, https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-51c2a3cc
2. “Altcoins in Correction Mode: Is it the Perfect Time to Load Up Your Bags?” Coinpedia Fintech News, 22 Feb. 2023, https://coinpedia.org/altcoin/altcoins-in-correction-mode-is-it-the-perfect-time-to-load-up-your-bags/
3. “Bitcoin trades flat as economic data weighs heavily on risk assets” Kitco NEWS, 27 Feb. 2023, https://www.kitco.com/news/2023-02-27/Bitcoin-trades-flat-as-economic-data-weighs-heavily-on-risk-assets.html
4. “Two Considerations as Bitcoin Withdraws Toward $23K” CryptoPotato, 2 Mar. 2023, https://cryptopotato.com/two-considerations-as-bitcoin-withdraws-toward-23k
5. “Price analysis 2/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL” Cointelegraph, 27 Feb. 2023, https://cointelegraph.com/news/price-analysis-2-27-spx-dxy-btc-eth-bnb-xrp-ada-matic-doge-sol
6. “Crypto Price Today: Bitcoin holds $23,000; Cardano, Shiba Inu, Avalanche shed up to 3%” Business Today, 1 Mar. 2023, https://www.businesstoday.in/crypto/story/crypto-price-today-bitcoin-holds-23000-cardano-shiba-inu-avalanche-shed-up-to-3-371841-2023-03-01
7. “Machine learning algorithm sets SHIB price for March 31, 2023” Finbold – Finance in Bold, 2 Mar. 2023, https://finbold.com/machine-learning-algorithm-sets-shib-price-for-march-31-2023/
8. “PCE Price Index and what to expect from the crypto market in March” AMBCrypto News, 25 Feb. 2023, https://ambcrypto.com/pce-price-index-and-what-to-expect-from-the-crypto-market-in-march/