Bitcoin traded below $19,000 on Thursday as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. In the minutes, the Federal Reserve hinted at impending rate hikes but also admitted that it was surprised at how quickly inflation had risen. Ethereum moved below $1,300 in today’s session.
Bitcoin
Bitcoin (BTC) was back in the red on Thursday as markets reacted to recent Federal Open Market Committee (FOMC) minutes.
The September minutes showed that the US Federal Reserve was relatively surprised at the rate at which inflation has risen, while signaling the prospect of imminent rate hikes.
As a result of the report, BTC/USD fell to an intraday low of $18,642.11 after a brief rally in yesterday’s session.
BTC/USD daily chart
Today’s sell-off takes the token to its lowest level since September 28th, while close to support at $18,600.
Looking at the chart, the 14-day Relative Strength Index (RSI) has also broken above its 41.00 floor, which could signal further downward pressure.
So far, the token has recovered slightly from previous lows and is trading at $18,714.45 as of this writing.
ether
Alongside BTC, Ethereum (ETH) was also lower on Thursday as the token slipped below a key mark of its own.
The world’s second largest cryptocurrency fell below $1,300 earlier in today’s session, hitting a low of $1,232.93.
Like bitcoin, this is the lowest price ETH/USD has seen since late September, and if it moves below it will hit a bottom not seen since July.
ETH/USD daily chart
Yesterday’s upside crossover between the 10-day (red) and 25-day (blue) moving averages appears to be changing after today’s decline.
An easy position for Ethereum bulls is that the token has moved away from the daily low after colliding with a support point of $1,235.
Overall, price volatility remains high with a strong possibility of ETH falling below $1,200 in the coming hours or days.
Register your email address here to receive weekly price analysis updates in your inbox:
Will Today’s Low Be This Week’s Bottom For Ethereum? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In case you missed it
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.