Bitcoin was trading marginally higher on Wednesday, as traders were preparing for today’s interest rate decision. As inflation continues to climb to new multi-decade highs in the United States, the Federal Reserve will likely raise rates by 75 basis points. Ethereum was also in the green, rebounding from Tuesday’s losses.
Bitcoin
Bitcoin (BTC) was trading slightly higher on Wednesday, as markets were anticipating today’s FOMC (Federal Open Market Committee) meeting.
The world’s largest cryptocurrency fell to an intraday low of $20,776.82 on Tuesday, however the asset rebounded somewhat on hump day.
As of writing, BTC/USD hit an intraday peak of $21,415.67 in today’s session, as bulls attempted to stop yesterday’s bleeding.
The chart shows that prices remain below the $21,800 resistance level, but have moved above the $20,600 floor.
This is usually the last line of defense preventing price from dropping under $20,000, and today’s bullish pressure seems to have prevented this, for now.
This seems to have happened just as the 14 day relative strength index (RSI), which was tracking at 46.30, had been bound from 45.
Ethereum
Although ethereum (ETH), fell to $1,400 Tuesday, prices are now back up during the hump-day.
As of Tuesday’s writing, ETH/USD is trading at a high of $1470.74
The move comes as bulls look to recapture a price floor of $1,500, which has been in place for the last ten days, prior to yesterday’s drop.
As bitcoin’s relative strength is increasing, so did the RSI indicator. It rose from 54.40 support and is now at 56.
This appears to be one of the technical factors behind today’s surge in price, which now means ethereum could be soon set for another uptrend.
Bulls would be able to reach the $1645 resistance level if ETH surges back above $1500.
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