Cryptos rise, as they remain in no man's land; Bitcoin, at $23,700

The cryptocurrency market continues with its comings and goings. On this occasion, Bitcoin (BTC) accumulates gains of 2% in the last 24 hours and exceeds $23,700; Ethereum (ETH), meanwhile, rises 1.9% and stands at $1,650. Both tokens are trading practically flat at the moment.

The two major cryptos´ prices have been fluctuating noticeably in recent sessions with bulls unable to push it up and bears unable to pull it down. In fact, data from blockchain analytics firm CoinGlass shows an almost even split between long and short positions in BTC and ETH.

While the news in the 'crypto' space is not particularly positive, macroeconomic data is not doing its part to alleviate sentiment either. The divide among analysts on cryptos is stark: at the moment, Bitcoin can either break the $25,000 resistance and continue January's rally, or head towards $20,000 and sink further.

Katie Stockton, founder and managing partner of Fairlead Strategies, believes that the Bitcoin appears "overbought" and that this will make it difficult for it to overcome the significant resistance it has been presenting for weeks.

And the macro figures, as mentioned, are not doing their part. The poor January reading of PCE inflation, the Fed's favorite indicator, plunged the market into the current uncertainty. We will have to keep an eye on Thursday's weekly unemployment data to get a better feel for the situation.

Be that as it may, what is certain is that the market is increasingly leaning toward a tightening of the Fed's stance, which in the recent past has meant significant setbacks for digital asset prices. According to CME's FedWatch tool, the probability of the Fed undertaking a 50 basis point interest rate hike is 26%. Less than a month ago, they only gave this scenario a 6% probability.

It is also worth noting that Robinhood received a subpoena from the SEC to provide information about its crypto business, which is still not taking off as evidenced by its latest results. Coinbase announced that it will suspend trading in Binance USD (BUSD) on March 13.

In other market news, there have been rises of 2% for Ripple (XRP), Polygon (MATIC) and Solana (SOL). Litecoin (LTC) soars 3%.