Bitcoin fell below the $28,000 level on Tuesday, as markets continued to prepare for tomorrow’s Federal Reserve interest rate decision. The Fed is expected to increase rates by 0.25%, despite the U.S. economy slowing down. Ethereum also remained lower, moving close to a breakout below $1,800.
Bitcoin
Bitcoin (BTC) dropped below $28,000 on Tuesday, as markets prepared for the upcoming Federal Open Market Committee (FOMC) decision.
BTC/USD slipped to an intraday low of $27,680.79 earlier in today’s session, which came less than 24 hours after trading at a high of $28,626.28.
As a result of this move, bitcoin nearly collided with its recent price floor at $27,600, hitting a six-day low in the process.
Looking at the chart, the latest decline comes as the relative strength index (RSI) moved below a floor of its own at 50.00.
At the time of writing, the index is tracking at 46.17, with the next visible point of support at 43.00.
Bitcoin has since moved back above $28,000, and is currently trading at $28,176.91.
Ethereum
Ethereum (ETH) was also lower in today’s session, with prices also falling to a key level of support.
Following a high of $1,851.19 to start the week, ETH/USD plunged to a bottom at $1,809.19 earlier in the day.
Today’s drop saw the world’s second largest cryptocurrency move below its long-term price floor at $1,830.
ETH has since rebounded from this floor, as sentiment remained relatively stable, despite the earlier decline.
This happened despite the RSI trading under a support point of its own at 45.00, with a current reading of 44.30.
There could be more moves on Wednesday following the Fed decision, with a potential move above $1,900 still on the cards.
Register your email here to get weekly price analysis updates sent to your inbox:
Will the Fed raise interest rates tomorrow? Leave your thoughts in the comments below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments