Bitcoin Consolidates Losses Ahead of FOMC Minutes
Bitcoin (BTC) is trading below $28,000 as traders await the release of last month’s Federal Open Market Committee (FOMC) minutes. The cryptocurrency reached a high of $27,715.85 before dropping to a low of $27,302.56 in the past 24 hours. While mid-term momentum seems bullish, bears are targeting the $27,000 level in the short term. The 14-day relative strength index (RSI) is currently at 54.95, indicating a downward trend. Bitcoin is currently priced at $27,518.86, but volatility is expected to increase with the upcoming economic release.
Ethereum Remains in the Red
Ethereum (ETH) continues to decline following the Ethereum Foundation’s decision to trade 1,700 tokens. After starting the week at a high of $1,596.97, ETH/USD dropped to a low of $1,553.01. This decline pushed the 10-day moving average closer to crossing below the 25-day moving average, which could trigger further sell-offs and potentially push Ethereum below $1,500. However, bulls have stepped in to buy the dip, pushing the price up to $1,580.44.
Hot Take: Bitcoin Consolidates as Focus Shifts to FOMC Minutes
Bitcoin remains stable as traders await guidance from the Federal Open Market Committee (FOMC) minutes. The cryptocurrency is trading below $28,000 and shows signs of mid-term bullish momentum. However, bears are aiming for a short-term drop below $27,000. On the other hand, Ethereum is still experiencing a decline following recent developments by the Ethereum Foundation. The price has hit a one-month low, but there are indications of potential further sell-offs. Keep an eye on the upcoming FOMC minutes and its impact on the crypto market.
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