Market volatility remains high, Bitcoin Just below $17,000. Following the recent Federal Open Market Committee (FOMC) minutes. At its December meeting, the US Federal Reserve (Fed) agreed to keep rates higher, but inflation is still near historic highs. Ethereum also remained close to its recent highs on Thursday.
Bitcoin
Bitcoin (BTC) nearly consolidates on Thursday after failing to break above yesterday’s key $17,000 level .
Following a hump day high of $16,964.59,BTC/USD fell to an intraday low of $16,789.75 early in the session.
The drop came as markets reacted to the latest FOMC minutes, and the Fed appeared to agree to keep rates higher.
Consumer prices will hit 3.5% in 2023, higher than the 3.1% previously forecast. Looking at the
chart, the 14-day Relative Strength Index (RSI) has broken below the 51.00 resistance zone, so the price drop is also happening.
At the time of writing, the index is currently tracking 49.14 and appears to be heading towards the support level of 46.00.
Ethereum In addition to
BTC, Ethereum (ETH) also strengthened in today’s session, with a slight change of momentum on Thursday. bottom.
ETH/USD bottomed out at $1,246.21 earlier in the day. This came within 24 hours of reaching a high of $1,264.81. Despite the
drop, sentiment remains mildly bullish asETH continues to trade above his $1,230 long-term resistance level.
charts The average lines are also close, maintaining the possibility of an upward crossover.
This is likely one of the factors that keeps the sentiment strong. However, this may start to change as the RSI has dropped.
Price strength is currently tracking at 55.40 after failing to break out of the 57.00 level ceiling.
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