Bitcoin was trading slightly higher on Wednesday as traders prepared for today’s rate decision. The Federal Reserve is expected to raise interest rates by 75 basis points for the second consecutive month as U.S. inflation continues to climb to multi-decade highs. Ethereum also rebounded from Tuesday’s losses and remained in the green.
Bitcoin
Bitcoin (BTC) traded slightly higher on Wednesday as the market anticipated today’s FOMC meeting.
The world’s largest cryptocurrency fell to an intraday low of $20,776.82 on Tuesday, but the asset rebounded somewhat on Hump Day.
At the time of writing,BTC/USD recorded an intraday peak of $21,415.67 in today’s session in a bullish attempt to stop yesterday’s bleeding.
The chart shows that price is still trading below the key resistance point of $21,800 but $20,600 It is moving away from the floor.
This is usually the last line of defense that prevents prices from falling below $20,000, but today’s bullish pressure seems to be preventing this for now.
This seems to have just come as the 14-day Relative Strength Index (RSI) bounced from its own support point of 45 and is currently tracking at 46.30.
Ethereum
Tuesday, Ethereum (ETH) dipped below $1,400, but prices are now rebounding in the hump day session.
/USD hit a low of $1,362.95 on Tuesday but is trading at a peak of $1,470.74 at the time of writing.
This move comes as bulls are trying to retake the $1,500 price floor that has been in place for the past 10 days before yesterday’s decline.
As well as the relative strength of bitcoin currently, the RSI indicator has risen from a support point of 54.40, approaching 56 at the time of writing
This appears to be one of the technical factors behind today’s price spike and now means that Ethereum could soon be set for another uptrend.
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ETH rises above $1500, the next target for bulls is likely to be the $1645 resistance point.
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