roadrunner Posted May 24, 2023 Share Posted May 24, 2023 Bitcoin was once again trading below a key resistance level of $27,000 on Wednesday, ahead of today’s U.S. Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum was 2% lower today. Bitcoin Bitcoin (BTC) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the upcoming FOMC minutes report. Following a high of $27,386.99 on Tuesday, BTC/USD dropped to a low of $26,671.98 earlier in today’s session. The move comes following two days of consecutive gains, which pushed bitcoin to a one-week high. Bitcoin chart by TradingView Looking at the chart, the decline came as the relative strength index (RSI) of 14 days fell below a support point at 42.00. At the time of writing this, the index is now tracking at 41.356, with a lower floor at 39.00 a possible target for bears. If successful in reaching this level, BTC will likely be at the $26,300 mark. Ethereum Ethereum (ETH) fell by as much as 2% in today’s session, however bulls have so far rejected a breakout below the $1,800 level. ETH/USD dropped to an intraday low of $1,811.79 on Wednesday, which comes a day after trading at a peak of $1,869.34. Similar to bitcoin, today’s slippage sees bearish pressure put a stop to a mini-win streak for the world’s second largest cryptocurrency. Ethereum chart by TradingView Should this downwards pressure continue to gain momentum, there is a good chance that ETH could move below $1,800 shortly. Price strength is currently tracking at 46.09, with a floor at 44.00 a potential landing stop in the event of further declines. Long-term bulls will remain optimistic however, with an upwards crossover of the 10-day (red), and 25-day (blue) moving averages on the cusp of happening. Register your email here to get weekly price analysis updates sent to your inbox: Will today’s FOMC minutes have a positive impact on cryptocurrency prices? Leave your thoughts in the comments below. View the full article Quote Link to comment Share on other sites More sharing options...
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