BTC Moves Below $28,000 Ahead Of FOMC Decision – Market Updates Bitcoin News
Bitcoin fell below the $28,000 level on Tuesday as markets continued to prepare for tomorrow’s interest rate decision by the Federal Reserve. The Fed is expected to raise interest rates by 0.25%, despite the US economy slowing down. Ethereum also held lower, approaching a breakout below $1,800.
Bitcoin
Bitcoin (BTC) fell below $28,000 on Tuesday as markets braced for the upcoming Federal Open Market Committee (FOMC) decision.
BTC/USD fell to an intraday low of $27,680.79 earlier in today’s session, which came less than 24 hours after trading at a high of $28,626.28.
As a result of this move, bitcoin nearly collided with the recent price floor of $27,600, hitting a six-day low in the process.
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BTC/USD – Daily Chart
Looking at the chart, the latest decline comes as the relative strength index (RSI) moved below a floor of its own at 50.00.
At the time of writing, the index follows at 46.17, with the next visible support point at 43.00.
Bitcoin has since moved back above $28,000, and is currently trading at $28,176.91.
Ethereum
Ethereum (ETH) was also lower in today’s session, with prices also falling to a key level of support.
After a high of $1,851.19 to start the week, ETH/USD plunged to a low of $1,809.19 earlier in the day.
Today’s drop saw the world’s second-largest cryptocurrency move below the long-term price floor of $1,830.
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ETH/USD – Daily Chart ETH has since rebounded from this floor, as sentiment remained relatively stable, despite the earlier decline.
This was despite the RSI trading below a separate support point at 45.00, with a current reading of 44.30.
There could be more moves on Wednesday following the Fed decision, with a potential move above $1,900 still on the cards.
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