Bitcoin
Bitcoin (BTC) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.”
- BTC/USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46.
- The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00.
- The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead.
- Traders are likely waiting for the upcoming gross domestic product (GDP) data out later today, before making the next move.
Ethereum
Ethereum (ETH) also edged higher on Thursday, as bulls pushed the cryptocurrency towards the $1,900 level. Following a low of $1,849.98 on Wednesday, ETH/USD moved to peak at $1,886.97 earlier in today’s session. This is the highest point ethereum has traded at since Monday, when price traded marginally above $1,890.
- Today’s rally came as the world’s second largest cryptocurrency broke out of a ceiling on the RSI at 48.00.
- Despite this, the recent crossover of 10-day (red) and 25-day (blue) moving averages, means sentiment is predominantly bearish.
- As of writing, the index is tracking at 48.95, with price at $1,876.43.
Hot Take
Bitcoin and Ethereum both experienced upward movements as the Federal Reserve announced a 0.25% interest rate hike. Bitcoin reached an intraday high of $29,675.55 after bouncing back from a floor at 42.00 on the RSI, while Ethereum approached the $1,900 level and broke out of a ceiling at 48.00 on the RSI. However, the recent crossover of moving averages indicates a predominantly bearish sentiment. Traders are now awaiting the release of GDP data before making further moves.
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