Bitcoin Price and Ethereum Prediction: Can BTC Continue to Soar Above $24,000 and What's Next for ETH?

cryptonews.com:

Bitcoin, the world's largest cryptocurrency, experienced a sharp reversal in market momentum in the last 24 hours, falling below $24,000 from its recent high of $25,100. Ethereum has also followed the downward trend of Bitcoin and has experienced a gradual decline during the same period. 

However, the decline in the cryptocurrency market can primarily be attributed to the release of upcoming US preliminary GDP data and PCE figures, which are expected to increase market volatility.

Additionally, the upcoming release of the Federal Reserve's February meeting minutes is another factor causing investors to hesitate and contributing to the recent losses in Bitcoin. However, the central bank is expected to take a hawkish stance in the minutes, which may limit the cryptocurrency's gains. 

Notably, the previously released higher-than-expected US PMI has given the Fed more economic headroom to raise interest rates.

Despite recent positive regulatory developments for the cryptocurrency market, it has failed to maintain its upward momentum and turned negative. This is likely due to cautious sentiment in anticipation of the release of the Federal Reserve's February meeting minutes, which will provide further insight into US interest rates and monetary policy. Additionally, the upcoming release of the Personal Consumption Expenditures Index is expected to increase market volatility.

It is important to note that the minutes of the Federal Reserve's February meeting, scheduled to be released later today, is widely expected to reiterate the central bank's hawkish stance. The potential for rising interest rates could limit liquidity, which is unfavorable for cryptocurrencies since higher yields may prompt investors to withdraw their funds