Bitcoin, Ethereum Technical Analysis: BTC Moves Below $25,000 Following Fed Meeting
Bitcoin fell below the
$25,000 level for the first time since March, as the Federal Reserve opted to keep rates unchanged. However, to the surprise of many,
the Fed also forecasted two further hikes in this current cycle.
Ethereum reacted negatively to the news, dropping below $1,700.
Bitcoin
plunged to a multi-month low on Thursday, as markets continued to react to the
U.S. Federal Reserve’s decision not to increase interest rates.
Chair Powell did
forecast two further hikes, with core inflation
still higher than the bank would like.
As a result of the drop,
bitcoin slipped to its weakest point since March 16, when price was at a bottom of
$24,200. Today’s
decline came as the 14-day relative strength index (RSI) fell below a support point at 36.00. It is now tracking at 34.55.
Additionally, ethereum (ETH)
also tanked, with price
falling below $1,700 for the first time in three months. This is the
lowest level that ethereum has fallen to since March 15, which is the last time price traded at a floor of $1,620.
