Bitcoinย (BTC) was onceย more trading below a key resistance level of $27,000 on Wednesday, ahead of todayโs Unitedย States Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserveโs timeline towards a policy pivot. Ethereumย (ETH) was 2 percent lower today.
Bitcoin
Bitcoinย (BTC) (BTC) moved below $27,000 on Wednesday, as markets begin to prepare for the release of theย following FOMC minutes report.
Following a high of $27,386.99 on Tuesday, BTC/USD dropped to a low of $26,671.98 earlier in todayโs session.
The move comes following two days of consecutive profits, which pushed Bitcoinย (BTC) to a one-week high.
Looking at the chart, the decline came as the relative strength index (RSI) of 14 days dropped below a support point at 42.00.
Atย theย timeย ofย this publication, the index is now tracking at 41.356, with a lower floor at 39.00 a possible target for bears.
If successful in reaching this level, BTC will likely be at the $26,300 mark.
Ethereum
Ethereumย (ETH) (ETH) dropped by as much as 2 percent in todayโs session, however bulls have so far rejected a breakout below the $1,800 level.
ETH/USD dropped to an intraday low of $1,811.79 on Wednesday, which comes a day after currentlyย worth a peak of $1,869.34.
Similar to Bitcoinย (BTC), todayโs slippage sees bearish pressure put a stop to a mini-win streak for the worldโs Second largest cryptocurrency.
Should this downwards pressure continue toย win momentum, thereย is a good chance that ETH could move below $1,800 shortly.
Price strength is asย ofย now tracking at 46.09, with a floor at 44.00 a potential landing stop in the event of further declines.
Longstanding bulls will remain optimistic onย theย otherย hand, with an upwards crossover of the 10-day (red), and 25-day (blue) moving averages on the cusp of happening.
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