Daily Crypto Market Update - 27.02.2023
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Crypto markets recovered over the weekend after selling off in reaction to the higher than expected PCE price index in the US on Friday. Global markets now seem to forecast a higher terminal USD interest rate with equities also joining crypto in moving lower while the US Dollar strenghthened.
Bitcoin traded briefly below the $23,000 handle over the weekend before recovering late on Sunday. The cryptocurrency closed the week at $23,550 and was trading flat at the time of publication.
Bitcoin should be supported at the $22,500 level. A move lower could see the cryptocurrency test February lows of $21,350. Bitcoin will look to move above $25,250 on the upside.
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