© Reuters
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.
