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.
-
![Bitcoin, Ethereum Technical Analysis: BTC Moves Below $28,000 Ahead of FOMC Decision]( "Bitcoin, Ethereum Technical Analysis: BTC Moves Below $28,000 Ahead of FOMC Decision")
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.
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.
Register your email here to get weekly price analysis updates sent to your inbox:
Will the Fed raise interest rates tomorrow? 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.
Comments are closed.