Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies in the world, have been unable to halt their losses and are still trading in the red below the $23,000 and $1,600 marks, respectively.
Traders are hesitant to place any strong bids ahead of a critical week of economic developments in the United States. This week will see the release of nonfarm payroll statistics and remarks by US Federal Reserve Chair Jerome Powell, making it a crucial moment for the market.BTC has faced difficulties in rising above the $22,800 level, and if the bears succeed in pushing the price below its current level, the next support level would be $21,480.
The second-largest cryptocurrency, Ethereum, has also seen a lack of trading activity around the $1,500 mark, indicating hesitation among buyers and sellers.The global cryptocurrency market has been in a downward trend for the past few weeks, with prices falling across the board.
The main reason for this decline is the bearish market sentiment, which has had a negative impact on the price of Bitcoin.However, this current market condition could also have an effect on the supply of BTC.Read more on cryptonews.com