BTC Moves Below $28,000 Ahead of FOMC Decision – Market Updates Bitcoin News

By Investor Empires On May 2, 2023

Bitcoin fell below the $28,000 level on Tuesday, as the markets continued to prepare for the Federal Reserve’s interest rate decision tomorrow. The Federal Reserve is expected to raise interest rates by 0.25%, despite the slowdown in the US economy. Ethereum also remained lower, and came close to breaking below $1,800.

bitcoin

bitcoin (BTC) fell below $28,000 on Tuesday, as markets prepare for the upcoming Federal Open Market Committee (FOMC) decision.

BTCUSD/USD fell to an intraday low of $27,680.79 earlier in today’s session, which came after less than 24 hours of trading as high as $28,626.28.

As a result of the move, bitcoin nearly collided with its recent price low of $27,600, hitting a six-day low in the process.

BTC/ USD – daily chart

Looking at the chart, the recent decline comes as the Relative Strength Index (RSI) moved below a floor of its own at 50.00.

At the time of writing, the index is tracking at 46.17, with the next visible point of support at 43.00.

Since then, Bitcoin has moved back above $28,000 and is currently trading at $28,176.91.

Ethereum

ethereum (ETH) was also lower in today’s session, with prices also falling to a key support level.

After a high of $1851.19 to start the week, ETHUSD/USD bottomed at $1,809.19 earlier in the day.

Today’s decline saw the world’s second largest cryptocurrency move below the long-term price boundary at $1,830.

ETH/ USD – daily chart ETH It has since rebounded from that bottom, as sentiment has remained relatively stable, despite the earlier decline.

This occurred despite the RSI trading below its own support point of 45.00, with a current reading of 44.30.

There could be more moves on Wednesday after the Fed’s decision, with a possible move above $1,900 still on the cards.

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Will the Fed raise interest rates tomorrow? Put your thoughts in the comments below.

Elijah Dumbbell

Elliman was previously a director of a London-based brokerage firm, while also being an online trading instructor. Currently, he comments on various asset classes, including Crypto, Stocks, and FX, while also being the founder of the startup.