Bitcoin moved below $28,000 on Thursday as the market reacted to the latest Federal Reserve rate hike.The Fed, as many had expected, opted for a 25 basis point (bps), suggesting one more rate hike this year. Ethereum also fell on the news, falling below $1,800.
Bitcoin
Bitcoin (BTC) fell below $28,000 on Thursday as the market continued to react to the latest Federal Reserve rate hike.
The Fed indicated that it will not cut rates this year while raising rates by 25 bp.
BTC/USD fell to an intraday low of $26,760.00 on the news a day after trading at a peak of $28,803.34.
From the chart, it appears that the decline was due to the Relative Strength Index (RSI) failing to break through the ceiling at 72.00.
As of this writing, the index is at 66.54, with the next support point at the 62.00 mark.
Overall, prices are still relatively overbought and more bears may re-enter the market in the future.
In addition to Ethereum
, BTC, Ethereum (ETH) was also in the red on Thursday, with prices moving below $1,800.
Following Wednesday’s high of $1,821.46,.ETH/USD fell to a low of $1,717.77 earlier in the session today.
Slippage has brought Ethereum closer to its recent support point at $1715, but bulls have so far rejected a breakout.
The chart shows that the 10-day (red) moving average is maintaining an uptrend, which should indicate bullish momentum going forward.
Currently, price strength is hovering at 58.02, just above the 57.00 floor, which wouldETHjump from previous lows.
At the time of this writing, Ethereum is at $1,756.34.
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