Bitcoin trades below $19,000 as markets react to the Federal Open Market Committee minutes. Minutes from the Federal Reserve indicated that there would be hikes in the future, but also expressed surprise at inflation’s rapid rise. Ethereum moved below $1,300 in today’s session.
Bitcoin (BTC), was back in the red after Thursday’s market reaction to the Federal Open Market Committee (FOMC), minutes.
September’s minutes showed that the U.S. Federal Reserve was relatively surprised at the rate at which inflation has risen, whilst also signaling the prospect of upcoming rate hikes.
As a result of the report, BTC/USD fell to an intraday low of $18,642.11, after a brief rally in yesterday’s session.
Today’s sell-off takes the token to its lowest point since September 28, and close to a support of $18,600 in the process.
The chart shows that the 14-day relative stability index (RSI), has broken free from its floor of 41.00. This could indicate further bearish pressure.
The token is currently trading at $18,714.45.
BTC and ETH were also lower Thursday. The token fell below the key mark.
The world’s second largest cryptocurrency fell below $1,300 earlier in today’s session, hitting a low of $1,232.93 in the process.
This is, like bitcoin, the lowest price ETH/USD reached since September. If it falls below it, it’ll reach a low not seen since July.
Yesterday’s upwards crossover between the 10-day (red) and 25-day (blue) moving averages now seems to be shifting course, following today’s drop.
A slight position for ethereum bulls, is that the token has moved away from the day’s low, following a collision with a support point of $1,235.
Price volatility remains high overall, and there is a strong chance that ETH will fall below $1,200 within the next hours or days.
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