Crypto prices surged in today’s session as the market continued to react to the Federal Reserve’s latest rate hike The Fed chose to raise rates by 75 basis points (bps) for the second consecutive The Fed chose to raise rates for the second consecutive time by 75 basis points (bps). Bitcoin briefly crossed the $23K mark and Ethereum climbed above the $1,600 mark to a six-week high.
Bitcoin
Bitcoin (BTC)traded higher on Thursday as prices rose following the Federal Reserve’s latest rate hike.
The bank’s move to raise the federal funds rate by 0.75% pushed bitcoin to an intraday high of $23,358.34 earlier in the session today.
At the time of writing, this is the highest levelBTC/USD since last Friday, June 22, when prices held near the $24,000 resistance level.
BTC
The chart shows that the previous rally has eased somewhat, with some bulls choosing to abandon their positions rather than try to extend the uptrend, and the current bitcoin trading at $22,949.05.
This could be attributed to the 14-day Relative Strength Index (RSI) colliding with its own ceiling at 57.
This ceiling needs to be broken if traders hope to push the token back above $23,000.
Ethereum
In addition to Bitcoin,Ethereum (ETH)also turned green on Thursday as prices moved above key resistance levels.
ETH/USD briefly broke through the $1645 resistance point during today’s session, hitting a high of $1666.88 in the process.
This was the highest price for Ethereum since June 10, when prices were trading above $1,800.
However, as with Bitcoin, the earlier bullish momentum gave way as the session progressed today to the token currently trading at $1619.57 It has given way.
Looking at the chart, it appears that any rise above the previous ceiling of $1645 could be a false breakout.
In addition to this, the RSI is currently tracking at 62.58, which is relatively close to the next resistance point at 66, which may be prompting bulls to exit and avoid impending obstacles.
Subscribe to our email here to receive weekly price analysis updates.
Image credits: Shutterstock, Pixabay, Wiki Commons