BTC Rises $2,000, Climbs Above $23,000 As Fed Raises Bank Rate – Market Updates Bitcoin News
Crypto prices rallied in today’s session as markets continued to react to the Federal Reserve’s latest interest rate hike. The Fed chose to raise interest rates by 75 basis points (bps) for a second meeting in a row. Bitcoin briefly rose above the $23K mark earlier in the day, with ethereum rallying to a new six-week high above the $1,600 mark.
Bitcoin
Bitcoin (BTC) traded higher on Thursday, as prices rose following the latest rate hike by the Federal Reserve.
The bank’s move to raise the federal funds rate by 0.75% pushed bitcoin to an intraday high of $23,358.34 earlier in today’s session.
At the time of writing, this is the highest level BTC/USD has reached since Friday the 22nd. June, when prices were held near a resistance level of $24,000.
Looking at the chart, previous gains have been pared somewhat, with some bulls opting to exit their positions, as opposed to trying to extend the uptrend, leading to bitcoin now trading at $22,949.05.
This may have happened due to the fact that the 14-day relative strength index (RSI) collided with a ceiling of its own, at 57.
Should traders hope to push the token back above $23,000, this ceiling must be breached.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the green on Thursday as prices moved past a key resistance level.
ETH/USD briefly broke out of the $1,645 resistance point in today’s session, reaching a high of $1,666.88 in the process.
This was the highest price for ethereum since June 10, when prices traded at a high above $1,800.
Like bitcoin, however, previous bullish momentum has given way as today’s session has unfolded, with the token now trading at $1,619.57.
Looking at the chart, it now looks as if the previous rally above the $1,645 ceiling may be a false breakout.
In addition to this, the RSI is now tracking at 62.58, which is relatively close to the next resistance point at 66, which may have prompted the bulls to exit, thus avoiding the imminent hurdle.
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Can Ethereum climb to $1700 high by the end of the week? Leave your thoughts in the comments below.
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