Bitcoin and Ethereum both experienced a rise in value on early Saturday morning, surpassing $20,000 and $1,400, respectively. However, this increase can be attributed to the weakened US dollar, which turned negative after the February labor data showed slower wage growth, indicating a decrease in inflationary pressures. A statement suggested that if the Federal Reserve reduces the rate of interest rate hikes, it could potentially make the US dollar less attractive, leading to higher demand and prices for cryptocurrencies. The recent performance of the cryptocurrency market has been volatile, with BTC dropping 10.88% and ETH losing 10.94% of its value in the previous week. Silicon Valley Bank’s liquidity crisis has reportedly contributed to the decline in the cryptocurrency market. Peter Schiff, a prominent cryptocurrency critic, has advised investors to sell their Bitcoin holdings and invest in gold as the market continues to suffer losses. Technical analysis suggests a significant bearish trend for the BTC/USD pair, with the immediate support level at $18,430. The first hurdle for Bitcoin is at the $20,300 resistance level, with potential to reach the $25,000 mark if the bullish momentum continues.
