Bitcoin Price and Ethereum Prediction: A Tale of Two Cryptos as BTC Fights Resistance at $23,750 and ETH Awaits Its Fate

cryptonews.com:

Bitcoin and Ethereum were unable to reverse their downward trend and remained under pressure. While BTC is hovering around the $23,500 level as investors opted for safer investment options amidst growing macroeconomic uncertainties. 

However, the sharp decline in Bitcoin's value came after the release of a series of robust US data that indicated a strengthening US economy and reduced the need for government support in the form of low-interest rates. 

This caused concerns among investors and traders about inflation and the potential for interest rate hikes.

The global cryptocurrency market is currently experiencing a downturn, with Bitcoin struggling to surpass the critical $23,750 resistance level, which could result in a drop in price to $22,800. In the last 24 hours, Ethereum has also experienced a 0.99% decrease in its value.

This week, the global cryptocurrency market has seen a decline, dropping from $1.11 trillion to $1.07 trillion at the beginning of Tuesday. Bitcoin (BTC), the oldest and most valuable cryptocurrency, has been trading around the $23,000 level. 

Other popular cryptocurrencies, such as Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL), have also experienced minor losses.

This is due to investors being cautious about investing in riskier assets, as they are concerned about the mounting macroeconomic issues that have been worsened by higher-than-expected inflation rates.

Bitcoin's recent downward trend may not be long-lasting, as the US Commerce Department announced on February 27 that durable goods orders had fallen 4.5% in January from the previous month. This has increased the pressure on the Federal Reserve to end its interest rate hike program earlier than expected.

On Monday, the US Census