Cryptocurrencies, blockchain, NFT and new trends

Why is Bitcoin price down today?

  -1.02% -3.09%

The bullish momentum that propelled Bitcoin (BTC) price to a 2023 high of $25,000 initially on Feb. 16 and Feb. 20 appears to have waned. The pause in bullish momentum appears connected to higher-than-expected U.S. inflation data, the possibility of the Federal Reserve continuing higher interest rate hikes and large amounts of long liquidations.

The contraction in Bitcoin price follows a market-wide decline, and analysts fear that the crypto market continues to face considerable danger from the the United States’ Federal Reserve’s interest rate decisions.

PCE price index. Source: BEABitcoin, Dow Jones Index, Nasdaq, and S&P 500. Source: TradingViewRate increase probability. Source: CME Group (NASDAQ:CME)BTC liquidations. Source: CoinglassReal BTC-USD Daily Volume. Source: Arcane ResearchCME BTC futures open interest. Source: Arcane Research

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