Bitcoin Falls from 5-Week Highs on Thursday and as markets continued to react to the Federal Reserve’s latest interest rate decision. The US Federal Reserve (Fed) has moved as expected to raise rates by 50 basis points, but it has also laid the groundwork for a slowdown in rate hikes in the coming months. Ethereum also retreated from its recent highs, breaking below $1,300 earlier today.
Bitcoin
Bitcoin (BTC) dips below $18,000 again, with bears entering the market after his recent Fed meeting. did.
After moving to a five-week high of $18,318.53 on Wednesday,BTC/USD fell to an intraday low of $17,642.51 today. The
drop appears to have moved the trader to secure profits after recording his third straight day of gains.
chart, this price reversal occurred within a 14-day relative Consistent with the strength of the Index (RSI) failed to breach the 60.00 ceiling
At the time of writing, the Index is tracking at the 57.17 mark, with the next visible support point at 54.00 .
If price strength reaches this lower bound,BTC he could trade near $17,200.
Ethereum
In addition to Bitcoin, Ethereum (ETH) has also increased following the US Federal Reserve’s decision to raise his 0.5% interest rate. and fell on Thursday.
After the decision, Fed Chairman Jerome Powell provided market guidance that he said was “approaching levels that we consider sufficiently restrictive.”
ETH/USD reached a high of $1,346.17 early in today’s session and then bottomed out at $1,280.52 less than 24 hours later.
chart, the decline is ETH , failed to sustain a breakout from the long-term $1,300 ceiling.
Overall, prices are down nearly 4% from yesterday’s peak and the RSI is now tracking 50.92, just above the 50.00 lower bound.
The bulls are positive on this and hope that today’s selling will not continue through the week.
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