
Bitcoin dropped below $45,000 on Wednesday as a result of the continued selloff in cryptocurrency markets following last week’s strong gains. ETH fell to a five day low during the session. Global crypto market caps fell by 4.4% at the time of writing.
Bitcoin
BTC fell below $45,000 during Wednesday’s session, as markets were waiting for the release of latest FOMC meeting minutes.
The minutes give traders an insight into how the Fed thinks about policy decisions.
As of writing, BTC/USD fell to an intraday low of $44,669.25 on hump-day, which is nearly 5% below yesterday’s high.

BTC reached a peak of $47,200 Tuesday. However, this upward momentum slowed and the price fell below $45,130 support.
Looking at the chart, support on the 14-day Relative Strength Index (RSI) was also broken, as the 57.80 level failed to hold in today’s session.
Price strength is now tracking at 53.60 — which is its weakest point since March 21 — and looks to be heading for a floor of 51.43.
Ethereum
ETH tailed off in today’s session, as the world’s second largest cryptocurrency fell to its lowest level in five days.
After trading over $3,500 for several days, ETH/USD dropped to an intraday lowest of $3,291.42 after Wednesday’s trade.
After prices had failed to breach the resistance level at $3.530 for several days, they are now likely to fall to support at $3.190.

The price fall coincided with an indicator breakout at 64.30.
This is the first time the price strength fell below this floor for more than 2 weeks. It has since fallen to 57.1.
The long-term support level is $3,190. However, prices are still reluctant to move past this point. Bulls will probably maintain their positions and not succumb to a bearish assault.
Will today’s dip in ETH only drive in more bulls looking to buy the dip following its recent upwards rally? Comment below to share your views.
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