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Price analysis 2/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

  -3.14%

Bitcoin (BTC) is struggling to stay above $23,000 as the weekend approaches. The selling pressure increased after the personal consumption expenditures excluding food and energy rose 0.6% in January and 4.7% over the year, above market expectations of an increase of 0.5% and 4.4% respectively.

This could trigger fears that the United States Federal Reserve may have to continue its rate hikes to bring inflation under control. Expectations of a rate hike could strengthen the U.S. dollar index further, which is already near a seven-week high, and that may put pressure on the cryptocurrency markets in the near term.

Daily cryptocurrency market performance. Source: Coin360BTC/USDT daily chart. Source: TradingViewETH/USDT daily chart. Source: TradingViewBNB/USDT daily chart. Source: TradingViewXRP/USDT daily chart. Source: TradingViewADA/USDT daily chart. Source: TradingViewDOGE/USDT daily chart. Source: TradingViewMATIC/USDT daily chart. Source: TradingViewSOL/USDT daily chart. Source: TradingViewDOT/USDT daily chart. Source: TradingViewSHIB/USDT daily chart. Source: TradingView

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