BTC Consolidates, Ahead of Pivotal FOMC Meeting – Market Updates Bitcoin News
Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect the Federal Reserve to maintain interest rate increases, but at a slower pace of 25 basis points. This comes after the United States announced it would examine measures to guarantee customer deposits in distressed banks following a recent crisis.
Bitcoin
Bitcoin (BTC) once again traded below $28,000 as traders consolidated recent gains ahead of the upcoming FOMC meeting.
After a high of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 earlier today.
The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s interest rate decision, which is likely to lead to increased market volatility.
A sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a separate ceiling.
At the time of writing, the index is trading at 71.47, which is marginally below a resistance level of 72.00.
BTC has since rallied back above $28,000, with price swings likely to persist throughout the day.
Ethereum
On the other hand, ethereum (ETH) stayed below $1,800 for the second session in a row, following a recent climb into overbought territory.
ETH/USD fell to an intraday low of $1,725.01 on Tuesday, a day after trading at a high of $1,788.13.
Despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages, the momentum appears to have changed.
From the chart, this appears to coincide with the RSI falling back below a support point at 61.00
At the time of writing, the index is trailing at 60.74, with Ethereum slightly higher, and the asset is currently trading at $1,762.33.
For bulls to recapture the $1,800 mark, this ceiling on the RSI must first be breached.
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