Bitcoin extended its recent decline on February 22 as the market prepared to release the latest Federal Open Market Committee (FOMC) minutes. After hitting multi-month highs, prices fell and traders instead defended their gains. Ethereum also fell, but remained at the $1,600 mark.
Bitcoin
Bitcoin (BTC) extended its recent decline on Wednesday as the market began to anticipate the upcoming FOMC minutes report.
Today’s report will shed light on the Federal Reserve’s current view of the U.S. economy in light of last month’s 25 basis point hike.
As a result,BTC’s/USD fell to a hump-day intraday low of $23,902.54 less than 24 hours after hitting a high of $24,824.10.
BTC
This decline followed two breakouts, first a move of the 14-day Relative Strength Index (RSI) below the 61.00 support point and then price below $24,200 This is due to.
The index is currently at 59.24, which is its weakest point since February 14.
A bottom at 58.00 awaits any remaining bullishness, which could help ease the current price bleeding.
BTC (BTC) in addition to
BTC (ETH) has been in the red for two consecutive sessions, breaking out of a key support point in the process.
After hitting a high of $1,682.78 on Tuesday,ETH
ETH/USD fell to a bottom of $1628.69 after hitting a high of $1682.78 on Tuesday.
Today’s decline comes as ethereum fell further below its long-term support zone at the $1,675 mark, with $1,625 now serving as an interim floor.
Since this low, bulls have somewhat re-entered the market and Ethereum is now trading at $1,643.32.
Price strength has also plummeted, with the bottom of 57.00 off earlier in the session and the RSI now tracking at 53.76.
Overall, Ethereum is still trading nearly 6% higher than the same time last week.
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