By:
On March 21, Bitcoin maintained its recent gains as investors awaited the impending Federal Open Market Committee (FOMC) meeting. The Federal Reserve is anticipated to keep raising rates, however at a slower pace of 25 basis points. This comes after the United States declared it would investigate ways to protect client savings at threatened banks in the wake of a recent crisis.
Bitcoin
Ahead of the impending FOMC meeting, traders were consolidating recent gains as Bitcoin (BTC) prices dropped back below $28,000.
BTC/USD hit a low of $27,439.65 earlier today after reaching a high of $28,352.76 to start the week.
Ahead of tomorrow’s rate decision, bitcoin has moved away from its most recent nine-month high, which will probably increase market volatility.
One indication of this unpredictability is the 14-day relative strength index (RSI), which stopped short of breaking through its own ceiling.
The index is currently tracking at 71.47, just below a resistance level of 72.00.
However, BTC has climbed back above $28,000, and price fluctuations will likely continue throughout the day.
Ethereum
Ethereum (ETH), on the other hand, declined below $1,800 for a second straight session after recently rising into overbought territory.
A day after trading at a high of $1,788.13, ETH/USD dropped to an intraday low of $1,725.01 on Tuesday.
Despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages, momentum appears to have shifted.
According to the chart, this corresponds with the RSI dropping below a point of support at 61.00.
At the time of writing, the asset is trading for $1,762.33 and the index is tracking at 60.74, with ethereum tracking a little higher.
This RSI ceiling must be breached for bulls to retake the $1,800 level.
Reading More:
