Cryptocurrency market continues to move downwards

Hello dear readers, let this post serve to share analytical information about the current downward development that has been showing the price action of BTC and ETH main currencies by market capitalization, which reveals a sense of uncertainty, this because, the price retreat occurs after the FED released part of the conclusions to be discussed within this important monetary body.

Although the cryptocurrency market in these first two months of the year 2023 has been showing significant rebounds to key areas, which in the case of Bitcoin these areas range between the levels of $22 to $24k, in the last week the price action has developed a visible weakness that overcame a weekly depreciation estimated at around -6%.

At the time of writing the Bitcoin price had retreated in the last 24 hours -3.2%, a situation that has triggered doubts among traders and investors, as the Bitcoin price action is again being very vulnerable to the release of inflationary data in the United States.

As far as ETH is concerned, its downward behavior is similar to Bitcoin, this if we take into account that the depreciation in ETH price action fell in the last 24 hours to -2.52%.

In this sense, the key levels conquered a week ago with the price action above the $25k zone, in the current scenario of uncertainty have plummeted to $23k, so this deprecation of $2,000 has again awakened nervousness that was experienced in 2022 in the cryptocurrency market.

Coin360 Cryptocurrency prices - USD. Link