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As markets were ready for the Federal Reserve’s interest rate announcement today, bitcoin came close to hitting a new nine-month high on Wednesday. Even though inflation dropped to 6% last month, the Fed is still anticipated to raise rates by 0.25%. During today’s session, Ethereum briefly crossed the $1,800 mark.
Bitcoin
In today’s session, as markets continued to look forward to the Federal Reserve’s rate announcement, Bitcoin (BTC) came close to hitting a new nine-month high.
BTC/USD rose to an intraday high of $28,439.56 earlier in today’s session after Tuesday’s low of $27,785.11.
With the rise, bitcoin is returning to a recent nine-month high that it reached earlier this week.
The 14-day relative strength index (RSI) was attempting to break through a ceiling at 72.00 when the most recent price increase occurred.
The index is currently trading at 71.70, its highest level since early February, and is firmly overbought.
Trading will probably wait until this afternoon’s statement before attempting to advance past this point.
Ethereum
After a brief period of consolidation the day before, Ethereum (ETH) was once again in the green on Wednesday.
Less than 24 hours after trading at a low of $1,761.67, ETH/USD reached a high of $1,836.29 on hump day.
Similar to bitcoin, ETH’s price surge on Wednesday brought it close to its highest point since late August, a recent high of $1,846.
In order to extend its crossing with the 25-day (blue) MA, the 10-day (red) moving average (MA) has been trending upward.
Further gains appear to be constrained by price strength, as the index is now tracking below a ceiling at 64.00.
Bulls will probably need a breakout of the aforementioned resistance level in order to continue their gains.
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