BTC Back Above $19,000 Ahead Of FOMC Meeting – Market Updates Bitcoin News
Bitcoin traded marginally higher ahead of Wednesday’s US FOMC meeting, where the Federal Reserve is expected to raise interest rates. As inflation continues to remain at high levels, many expect the Fed to raise interest rates by over 75 basis points. Ethereum was also up, after falling below $1,300 on Monday.
Bitcoin
Bitcoin (BTC) was marginally higher on Tuesday, as markets began to prepare for tomorrow’s Federal Open Market Committee (FOMC) meeting.
BTC/USD hit an intraday high of $19,639.48 earlier in today’s session as prices rebounded from losses to start the week.
The move came as bulls rejected an attempt to move below yesterday’s floor of $18,645, instead using this as a point of reentry.
Looking at the chart, today’s rise has led to the 14-day relative strength index (RSI) moving away from yesterday’s bottom below the 38.00 point. The RSI is currently being tracked at 39.69.
The next step for bulls will be to recapture the $20,000 level, but the current level of market volatility will make this no easy feat.
At the time of writing, the token is trading at $19,117.06, as previous gains have eased somewhat prior to the price decision.
Ethereum
Like bitcoin, ethereum (ETH) also attempted to move higher on Tuesday, following a move to two-month lows during yesterday’s session.
ETH/USD, which touched a low of $1,287.72 to start the week, rose to a high of $1,388.27 earlier in the day.
As with BTC in the past, Ethereum bulls re-entered the market after a move below a key support point, in this case the $1,315 floor.
Although the 14-day RSI is currently in bearish or oversold territory, many still believe further declines could be coming.
At the time of writing, the index is following 36.90, but a support level of 34.60 could be a target for some traders.
A descending moving average cross is another reason why some expect a potential move below $1,000 could be ahead.
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Do you think tomorrow’s FOMC rate decision will push ethereum higher? Leave your thoughts in the comments below.
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