BTC Below $28,000, ETH Plunges Below $1,800 After Fed Rate Hike – Market Updates Bitcoin News

Bitcoin fell below $28,000 on Thursday as markets reacted to the Federal Reserve’s latest rate hike. The Fed decided to hike rates by 25 basis points (bps) as many had expected and announced another rate hike this year. Ethereum was also lower on the news, falling below $1,800.

Bitcoin

Bitcoin (BTC) fell below $28,000 on Thursday as markets continued to react to the Federal Reserve’s recent rate hike.

The Fed hiked rates by 25 basis points while signaling no rate cuts this year.

BTC/USD fell to an intraday low of $26,760.00 on the news, which comes a day after trading a high of $28,803.34.

BTC/USD daily chart

The chart shows that the drop appears to have come as the Relative Strength Index (RSI) failed to break above a ceiling of 72.00.

As of this writing, the index is trading at 66.54 with the next visible support point at 62.00.

Overall, prices are still relatively overbought, which could lead to more bears re-entering the market in the coming days.

ether

Alongside BTC, Ethereum (ETH) was also back in the red on Thursday, with prices hovering below $1,800.

After hitting a high of $1,821.46 on Wednesday, ETH/USD fell to a low of $1,717.77 at the start of today’s session.

Ethereum recently approached a support point at $1,715 as a result of the slide, but bulls have so far rejected a breakout.

ETH/USD daily chart

Looking at the chart, the 10-day moving average (red) remained in an uptrend, which could be a sign of future bullish momentum.

Price strength is currently hovering at 58.02, which is marginally above a floor at 57.00, causing ETH to bounce off previous lows.

At the time of writing, Ethereum is trading at $1,756.34.

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Do you expect Ethereum to rebound above $1,800 this week? Leave your thoughts in the comments below.

Elijah Dambell

Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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