BTC Falls Below $24,000 Ahead Of FOMC Minutes – Market Updates Bitcoin News
Bitcoin extended recent declines on February 22, as markets prepared for the release of the latest Federal Open Market Committee (FOMC) minutes. After a recent move to a multi-month high, prices have fallen, with traders instead protecting profits. Ethereum has also fallen but remains above the $1,600 mark.
Bitcoin
Bitcoin (BTC) extended recent declines on Wednesday as markets began anticipating the upcoming FOMC minutes report.
Today’s report will shed light on the Federal Reserve’s current view of the US economy, in light of last month’s 25 basis point increase.
As a result, BTC/USD fell to an intraday low of $23,902.54 on the hump day, less than 24 hours after reaching a high of $24,824.10.
The decline comes after two breakouts, first the 14-day relative strength index (RSI) moving below a support point of 61.00, plus prices falling below $24,200.
Currently, the index is trading at a reading of 59.24, which is the weakest point since February 14.
A floor of 58.00 awaits remaining bulls, potentially helping to ease the current price hemorrhaging.
Ethereum
In addition to BTC, ethereum (ETH) was in the red for a second session in a row, breaking out of a key support point in the process.
After a high of $1,682.78 on Tuesday, ETH/USD fell to a low of $1,628.69 earlier in the day.
Today’s drop came as ethereum moved further below a long-term support zone at the $1,675 mark, with $1,625 as a temporary floor.
Since hitting this low, bulls have re-entered the market a bit, with Ethereum now trading at $1,643.32.
Price strength has also fallen, with a floor of 57.00 giving way earlier in the session, with the RSI now at 53.76.
Overall, ethereum is still trading almost 6% higher from the same time last week.
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