"Investors don't need to be dizzy, just go with the flow."
The bullish move for the price of cryptocurrency king Bitcoin (BTC) is under pressure as central banks around the world aim to raise interest rates this year plus the G20 meeting in India that wants to ban the digital asset.
Among the central banks that plan to raise interest rates aggressively in March and the next few months are the US Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of England.
ECB President Christine Lagarde will not only raise interest rates by 50 basis points next month as part of her efforts to return the inflation target to 2% but also due to higher energy prices.
The United States (US) Core PCE inflation data which increased by 0.6% compared to the market estimate of 0.4% is also the cause of the BTC price experiencing significant selling pressure.
Following the US Dollar Index (DXY) jumping above 105 from below 103 in just a few days, there are speculations that BTC is about to experience a drastic decline, where so far the price is hovering at $23,419.
Through observation, investors need to be cautious as the price of BTC is likely to fall to the level of $21,700 in the near future.
According to popular crypto analyst Michael van de Poppe, he expects $23,800 to mark an important support level for BTC price to bounce back to $25,000 or higher.
