Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 Following FOMC Minutes
Bitcoin was trading below $19,000 on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. In the minutes, the Federal Reserve hinted at upcoming hikes, while also acknowledging a level of surprise at the rate at which inflation has risen. Ethereum moved below $1,300 in today’s session. Bitcoin
Bitcoin (BTC) was back in the red on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes.
September’s minutes showed that the U.S. Federal Reserve was relatively surprised at the rate at which inflation has risen, whilst also signaling the prospect of upcoming rate hikes.
As a result of the report, BTC/USD fell to an intraday low of $18,642.11, after a brief rally in yesterday’s session. BTC/USD – Daily Chart
Today’s sell-off takes the token to its lowest point since September 28, and close to a support of $18,600 in the process.
Looking at the chart, the 14-day relative strength index (RSI) has also broken out of its floor at 41.00, which could be a sign of further bearish pressure.
So far, the token has marginally rebounded from earlier lows, and as of writing, is trading at $18,714.45. Ethereum
In addition to BTC, ethereum (ETH) was also lower on Thursday, as the token slipped below a key mark of its own.
The world’s second largest cryptocurrency fell below $1,300 earlier in today’s session, hitting a low of $1,232.93 in the process.
Like with bitcoin, this is the lowest price that ETH/USD has hit since late-September, and should it move below this, it will hit a bottom not seen since July. ETH/USD – Daily Chart
Yesterday’s upwards crossover between the 10-day (red) and 25-day (blue) moving averages now seems to be shifting course, following today’s drop.
A slight position for ethereum bulls, is that the token has moved away from the day’s low, following a collision with a support point of $1,235.
Overall, price volatility continues to remain high, with a strong possibility of ETH falling below $1,200 in the coming hours or days.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Will today’s low be the bottom for ethereum this week? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected MARKET UPDATES | 7 hours ago Biggest Movers: QNT Remains Near Multi-Month High, HBAR 11% Higher MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDraft Law Seeks to Oblige Kazakhstan’s Crypto Miners to Exchange Bulk of Income in Country Next articleBrazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms