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Bitcoin recovered from Tuesday’s losses as the market’s attention shifted to today’s US Federal Reserve rate announcement. Rate increases of 25 basis points are anticipated from the Fed at its meeting in May. The price of Ethereum increased as well, getting close to $1,900.
Bitcoin
The market’s attention was focused on today’s Federal Reserve rate announcement, which caused Bitcoin (BTC) to recover on Wednesday.
BTC/USD rose to an intraday high of $28,881.30 earlier in the day after Tuesday’s low of $27,935.73.
This occurred after Bitcoin refused a breakout below its weekly low of $27,600, which served as its long-term floor.
As the 10-day moving average (red) moved closer to the 25-day moving average (blue), momentum has generally shifted slightly higher.
Bulls may need to apply more pressure if this upwards crossover occurs, which may push Bitcoin (BTC) back above $30,000 once again.
The relative strength index (RSI) must first break through a ceiling at the 52.00 level in order for this to happen.
Ethereum
Along with Bitcoin (BTC), ethereum (ETH) recovered on hump day as bulls started to return to the market.
On Wednesday, ETH/USD reached a high of 1,879.76 after almost falling below $1,800 the day before.
Ethereum bulls made a move, briefly pushing the price above a ceiling at $1,875, but as the session progressed, they pulled down.
The index is currently tracking at 46.99, having lost some of its earlier gains as price strength failed to pass a crucial point of resistance above 48.00.
Despite this, there is still some hope that after the rate is decided, ethereum may rise above $1,900 later today.
At the time of writing, ETH is trading at $1,859.53.
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