Bitcoin traded below $19,000 on Thursday as the market reacted to the latest FOMC minutes. In the minutes, the Federal Reserve hinted at future hikes while acknowledging surprise levels of rising inflation. Ethereum moved below $1,300 in today’s session.
Bitcoin (BTC) was in the red again on Thursday as the market reacted to the latest FOMC minutes.
The September minutes showed that the Federal Reserve was relatively surprised by the rate of increase in inflation, while hinting at the prospect of future rate hikes.
As a result of this report,. the BTC/USD fell to an intraday low of $18,642.11 after briefly rising in yesterday’s session.
Today’s sell-off took the token to its lowest since September 28, approaching $18,600 support in the process.
The chart also shows that the 14-day Relative Strength Index (RSI) is also through the 41.00 floor, which could be a sign of further bearish pressure.
So far, the token has rebounded slightly from its previous lows, trading at $18,714.45 at the time of writing.
plus BTCplus 51} ETH) also dropped on Thursday as the token fell below its own key mark.
The world’s second-largest cryptocurrency fell below $1,300 earlier in the session today, hitting a low of $1,232.93 in the process.
Like Bitcoin, this is the lowest price forETHETH/USD has been at since late September, and a break below that would be the lowest since July.
Yesterday’s upward crossover between the 10-day moving average (red) and the 25-day moving average (blue) now appears to be on track following today’s decline.
The only slight position for bullishness in Ethereum is that the token has moved off its lows for the day after hitting a support point at $1235.
Overall, price volatility remains high, withlikely ETH to fall below $1,200 in the next few hours or days.
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