Bitcoin, Ethereum Technical Analysis: BTC Breaks Below $28,000, ETH Drops Below $1,800 After Fed Rate Hike
Bitcoin dropped below $28,000 on Thursday as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted against raising rates by 25 basis points (bps), as many had predicted, and signaled another hike this year. Ethereum was also lower on the news of a drop below $1,800.
Bitcoin (BTC) declined below $28,000 on Thursday as markets continued to react to the latest Federal Reserve rate hike.
The Fed raised rates by 25 basis points, while indicating that there would be no cut this year.
BTC/USD fell to a low of $26,760.00 on the news, which comes a day after trading at a peak of $28,803.34.
From the charts, it appears that the decline has come as a result of the Relative Strength Index (RSI) failing to break out of the 72.00 range.
As of writing, the index is tracking at 66.54, with the next visible point of support at the 62.00 mark.
Overall, the price remains relatively overbought, which could lead to more bears in the market in the coming days.
Apart from BTC, Ethereum (ETH) was also back in the red on Thursday, with its price trading below $1,800.
After hitting a high of $1,821.46 on Wednesday, ETH/USD declined to a low of $1,717.77 in today’s session.
As a result of the slide, Ethereum recently traded close to the support at the $1,715 level, although the bulls have so far rejected a breakout.
Looking at the charts, the 10-day (red) moving average is holding up, which could be a bullish sign in the future.
Price strength is currently tracking at 58.02, which is slightly above a floor at 57.00, resulting in ETH bouncing off earlier lows.
At the time of writing, Ethereum is tracking at $1,756.34.
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Do you expect Ethereum to climb back above $1,800 this week? Leave your thoughts in the comments below.
image credit: shutterstock, pixabay, wikicommons
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