BTC walks away from $ 20,000 after historic Fed rate hike – Market updates Bitcoin news
Bitcoin moved away from the recent low of $ 20,000 on Thursday, following a historic rise in interest rates from the Federal Reserve. When US inflation rose to a 44-year high of 8.6% last month, the Fed responded by raising interest rates by 0.75%. ETH was also marginally higher today.
Bitcoin
BTC was marginally higher on Thursday, as markets reacted to the recent rise in interest rates from the Federal Reserve.
The Fed chose to raise interest rates by 75 basis points (bps) during its last policy meeting, with BTC / USD rising to $ 22,868.92 as an apparent result.
Thursday’s move sees bitcoin move away from yesterday’s lowest value of $ 20,391.30, and comes when traders try to create a new support point.
At the time of writing, it looks like the $ 21 100 point could be a potential price floor, but Bears will likely try to send BTC even lower.
In addition to price, the 14-day RSI also seems to have settled in a support range of 23.20, which may give bulls some optimism.
However, should relative strength fall below this point, the $ 19,000 target that bears have in mind could still be hit.
Ethereum
ETH was close to falling below $ 1,000 on Wednesday, but it has also gathered in today’s session after the FOMC meeting.
After a low of $ 1,060.97 during the hump day, the ETH / USD reached an intraday high of $ 1,246.14 earlier in today’s session.
Like bitcoin, today’s move ETH tried to find a new foothold, where traders so far seem to settle in the $ 1100 range.
Overall, ETH is still almost 40% lower than at the same time last week, with bearish sentiment still present.
Should this feeling turn to momentum again, bears are likely to take ethereum below $ 1000, with some expecting a bottom of $ 800.
For this to happen, the relative strength index will probably have to trade below 20, where it is currently.
Do you expect ETH to fall below $ 1000 this week? Leave your thoughts in the comments below.
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