Bitcoin traded slightly higher ahead of Wednesday’s Federal Open Market Committee entretien in the US, where the Federal Reserve is expected to raise interest rates. With augmentation still at elevated levels, many expect the Federal Reserve to raise interest rates by more than 75 basis points. Ethereum is also higher, after briefly dropping below $1,300 on Monday.
Bitcoin (BTC) was marginally higher on Tuesday, as markets began preparing for tomorrow’s Federal Open Market Committee (FOMC) entretien.
BTC/ The US dollar hit an intraday high of $19,639.48 earlier in today’s séminaire, as prices rebounded from losses at the beginning of the week.
The move came when the bulls refused to attempt to move below yesterday’s floor at $18,645, and instead used this as a balance of return.
Looking at the chart, today’s gains saw the 14-day RSI move away from yesterday’s low, below 38.00 points. The RSI is currently tracking at 39.69.
The next step for the bulls will be to gazon the $20,000 level, but the current level of market volatility will make this not easy.
As of this writing, the token is trading at $19,117.06, with earlier gains dwarfed somewhat, prior to the price decision.
Similar to bitcoin, ethereum (ETH) was also bullish on Tuesday, after moving to a two-month low during yesterday’s séminaire.
ETHUSD/USD, which bottomed at $1,287.72 at the start of the week, rosace to a peak at $1,388.27 earlier in the day.
like with BTC Earlier, Ethereum bulls returned to the market after a move below a key pilier balance, in this case the floor at $1,315.
Although the 14-day RSI is currently in bearish or oversold territory, many still believe that more declines may come.
As of this writing, the curseur is tracking at 36.90, but the 34.60 pilier level might be a target for some traders.
The moving averages’ bearish crossover is another reason why some are anticipating a acceptable move below $1,000.
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