BTC, ETH Stall Ahead of Powell Testimony – Market Updates Bitcoin News
Bitcoin remained in consolidation earlier in Tuesday’s session as markets prepared for the afternoon testimony from Fed Chair Powell. The head of the US Federal Reserve is due to speak before the Senate Banking Committee later in the day. Ethereum was also largely unchanged as it traded near a support point.
Bitcoin
Bitcoin (BTC) continued to trade sideways on Tuesday as market uncertainty remained high ahead of Fed Chair Powell’s testimony.
Many believe that Powell will provide some guidance going forward on the Federal Reserve’s current thinking and how aggressive they might be in their upcoming meeting.
BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29.
Looking at the chart, today’s move sees the world’s largest cryptocurrency continue to trade above a floor of $22,300.
This coincides with the 14-day relative strength index (RSI) also hovering above its own support point of 42.00.
At the time of writing, the index is tracking at 43.23, with a ceiling of 49.00 a potential target for bulls, should Powell give markets a reason to be optimistic.
Ethereum
In addition, ethereum (ETH) was also largely unchanged in today’s session, with prices trading near a recent support point.
After a high of $1,579.46 to start the week, ETH/USD fell to an intraday low of $1,561.44 earlier in today’s session.
As a result of the move, ethereum narrowly avoided a collision with a $1,560 floor, with prices climbing marginally higher as the day wore on.
Currently, ETH is trading at $1,567.62, which comes as the RSI bounced off its own support point of 44.00.
At the time of writing, the price strength of 44.77 follows, with a ceiling of 47.00 a possible destination should sentiment change.
Overall, momentum remains bearish as the 10-day (red) moving average continues to extend a crossover with its 25-day (red) counterpart.
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