Bitcoin (BTC), Ethereum (ETH) exhibit promising signs of reversal based on this metric $BTC $ETH BTC ETH
"Bitcoin and Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form," Santiment wrote.
The possibility of higher interest rates for a longer period to tame inflation caused Bitcoin to end in the red on Sunday for the third consecutive week.A key U.S. inflation gauge posted higher than anticipated readings, pushing the U.S. dollar close to year-to-date highs, while riskier assets fell broadly. The U.S. regulatory crackdown that followed the failure of the FTX exchange is also putting pressure on the cryptocurrency market.
The increase in February's price of Bitcoin, the largest cryptocurrency by market value, is paltry in comparison to January's 39% increase. At the time of publication, the price of Bitcoin had increased by nearly 0.93% to $23,402. Similarly, Ethereum increased by 2.2% to $1,637.
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