Bitcoin approached a nine-month high on Wednesday as the market braced for today’s Federal Reserve rate decision.The Fed, despite inflation falling to 6% last month, is expected to raise the 0.25 and is expected to raise interest rates by 0.25%. Ethereum briefly rose above $1,800 in today’s session.
Bitcoin
Bitcoin (BTC) closed today’s session at a nine-month high as the market continues to anticipate today’s Federal Reserve rate decision.
Following a low of $27,785.11 on Tuesday,BTC/USD surged to an intraday peak of $28,439.56 earlier in the session today.
This move sent bitcoin back toward the recent 9-month highs recorded earlier in the week.
This price surge came as the 14-day Relative Strength Index (RSI) attempted to break out of its 72.00
ceiling.
At the time of this writing, it is at 71.70, the highest since early February and in overbought territory.
Traders are likely waiting for this afternoon’s announcement before attempting to move above this point.
Ethereum
Ethereum (ETH) also returned to the green on Wednesday after a brief consolidation the previous day.
ETH/USD moved to a high of $1,836.29 on Hump Day, less than 24 hours after trading at a low of $1,761.67.
Like Bitcoin, Wednesday’s price increase sawETHnear its most recent high of $1,846, its strongest since last August.
The 10-day (red) moving average (MA) has extended its crossover with the 25-day (blue) MA, continuing its uptrend.
However, price strength appears to be a barrier to further upside, with the index now tracking a ceiling of 64.00
It appears that bulls will need to break through the aforementioned resistance line in order to extend gains.
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