Bitcoin has rebounded from losses on Tuesday, as all focus in the market has shifted to the US Federal Reserve’s interest rate decision today. The Fed is widely expected to raise interest rates by 25 basis points at the May meeting. Ethereum also rose, approaching $1,900 in the process.
bitcoin
bitcoin (BTC) bounced back on Wednesday, as all focus in the market turned to the Fed’s interest rate decision today.
After a drop of $27,935.73 on Tuesday, BTCUSD/USD rose to an intraday high of $28,881.30 earlier in the day.
This came after bitcoin rejected a break below the long-term minimum at $27,600 to start the week.
Overall, momentum has shifted marginally higher, as the 10-day moving average (red) has moved closer to its 25-day (blue).
If this bullish cross occurs, it could be a sign that the bulls need to step up the pressure, possibly taking BTC Again over $30,000.
In order for this to happen, the RSI will first need to rise past a ceiling at the 52.00 mark.
Ethereum
In addition to BTCethereum (ETH) also bounced back on the humpback day, as the bulls started entering the market again.
ETHThe US dollar rose to a high of 1,879.76 on Wednesday after almost falling below $1,800 the day before.
The move saw the Ethereum bulls briefly push the price above a ceiling at $1,875, before pulling back as the session matured.
Previous gains were reversed as price strength was unable to rally past key resistance at 48.00, and the index now tracks at 46.99.
Despite this, there is still some optimism that Ethereum could surpass $1,900 later today, once the interest rate decision is made.
At the time of writing this report, ETH It is trading at $1,859.53.
Register your email here to get weekly price analysis updates sent to your inbox:
How do you think today’s interest rate decision will affect the markets? Put your thoughts in the comments below.
Image credits: shutterstock, pixabay, wikicommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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.