BTC consolidates as markets brace for 0.75% rate hike
BTC consolidates as markets brace for 0.75% rate hike
BTC Consolidates as markets brace for 0.75% rate hike
Tomorrow’s Federal Reserve meeting is likely to see interest rates rise as the bank battles inflation. Ethereum fell below $1,600 during today’s session.
Bitcoin
Bitcoin was trading below a key resistance level on Tuesday, ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting. After failing to breach its high of $20,800 on Monday, BTC slid to lows of $20,287.46 earlier today.
Market uncertainty has increased ahead of the FOMC meeting, with many expecting the Fed increases rates by 0.75%.
As can be seen from the chart, the price volatility also follows the failure of a rise in price strength, as the Relative Strength Index (RSI) has recently failed to break through a ceiling.
The threat of a rate hike strengthened the US dollar, which appears to be one of the factors in today’s consolidation. the Bitcoin will likely continue to hover below its high of $20,800 until tomorrow’s tension passes.
Ethereum
In addition to bitcoin, thee thorium also fell on Tuesday, dropping below the $1,600 mark. After peaking at $1,630.45 earlier this week, the world’s second largest cryptocurrency hit a low of $1,555.92 today.
The decline saw ETH plunge below its recent high of $1,585, with price strength also falling.
At the time of writing, the 14-day RSI currently sits at 66.71, which is slightly above a low of 65.00.
Due to the continued trend of the index above this low, bullish sentiment seems to have remained the order of the day. ETH with prices moving away from their previous lows.
Ethereum is currently trading at $1,590.79 as traders attempt to send the token back above $1,600.
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