Bitcoin (BTC) experienced a rebound on Wednesday, with all eyes on the Federal Reserve rate decision. After reaching a low of $27,935.73 on Tuesday, BTC/USD surged to an intraday high of $28,881.30. This came after bitcoin rejected a breakout below its long-term floor at $27,600 earlier in the week. Momentum has shifted slightly higher, with the 10-day moving average approaching its 25-day counterpart. An upwards crossover could signal that bulls need to intensify pressure and bring BTC back above $30,000. However, the relative strength index (RSI) must first surge past a ceiling at the 52.00 mark.

Ethereum Also Bounces Back

Ethereum (ETH) also experienced a rebound on Wednesday, with bulls entering the market. ETH/USD rose to a peak of 1,879.76 after almost falling below $1,800 the day prior. The move saw ethereum bulls briefly push price above a ceiling at $1,875 before retreating as the session matured. Although earlier gains eased as price strength was unable to rally past a key point of resistance at 48.00, there is still some optimism that ethereum could move beyond $1,900 later in the day after the rate decision is made. At the time of writing, ETH is trading at $1,859.53.

Federal Reserve Rate Decision in Focus

The Federal Reserve rate decision is the primary focus in the market, with investors and traders eagerly awaiting news. The central bank is expected to keep interest rates near zero and maintain its asset purchase program. However, any unexpected announcements could cause significant market volatility.

Market Uncertainty Remains

Despite the recent rebounds, market uncertainty remains high as investors and traders grapple with various economic factors. The COVID-19 pandemic continues to affect economies around the world, and there are concerns about inflation and rising interest rates. As a result, market volatility is likely to persist in the near future.

Bitcoin

Articles You May Like

The Impact of the Upcoming US Presidential Elections on Cryptocurrency Markets
Ethereum’s Recent Trends: A Critical Analysis of Price Dynamics and Market Sentiment
Meme Coins: A Symbol of Rebellion in Modern Finance
The SEC’s Shifting Stance: A Call for Clarity in Digital Asset Regulation

Leave a Reply

Your email address will not be published. Required fields are marked *