Crypto markets recovered over the weekend after selling off in reaction to the higher than expected PCE price index in the US on Friday. Global markets now seem to forecast a higher terminal USD interest rate with equities also joining crypto in moving lower while the US Dollar strenghthened.

Bitcoin traded briefly below the $23,000 handle over the weekend before recovering late on Sunday. The cryptocurrency closed the week at $23,550 and was trading flat at the time of publication.

Bitcoin should be supported at the $22,500 level. A move lower could see the cryptocurrency test February lows of $21,350. Bitcoin will look to move above $25,250 on the upside.

Crypto markets moved lower in sync with other global risk assets as markets awaited minutes from the US FOMC yesterday. Bitcoin led a strong recovery in the markets post the release of the minutes. The minutes indicated the need for more rate hikes in the near future.

Bitcoin tested lows of $23,600 yesterday before recovering to close the day above $24,000. Markets were bid early today and the cryptocurrrency made highs of $24,600. Bitcoin was consolidating around the $24,500 level at the time of publication.

Immediate support for the cryptocurrency is at $23,500, which is also near yesterday’s lows. Bitcoin will look to sustain a move above $25,000 on the upside.

The crypto market sold off yesterday and the global crypto market cap decreased by 2.78% to $1.10 Trillion. Major cryptocurrencies couldn’t breakout  psychological resistance levels and declined lower. Traditional markets witnessed a risk off move yesterday.

Bitcoin tried to breakout $25,000 level multiple times yesterday making highs of $25,288 before declining to lows of $24,153 and later consolidated losses to close the day at $24,454. The cryptocurrency slid below $24,000 during the early Asian hours and was trading higher at $24,120 at the time of writing. 

Immediate support for the cryptocurrency is at $23,500 while, on the upside resistance is at $25,500.