BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike – Market Updates Bitcoin News

Bitcoin dropped to $20,000 on Thursday after the U.S. Federal Reserve moved again to raise interest rates. As it continued its hawkish policies, the Fed raised rates by 75 basis points. Ethereum, which initially surged on the news, was also lower in today’s session.


Bitcoin (BTC) dropped in Thursday’s session, as bearish sentiment rose, following the aftermath of yesterday’s Fed meeting.

Following the Federal Reserve’s decision to maintain current hawkish policy by raising rates, BTC/USD surged to a peak of $20,742.81.

However, markets have changed their minds and now believe that the Fed will not raise rates again. They may even pivot.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike
BTC/USD – Daily Chart

BTC/USD dropped to $20.087.13 early in the day as bears tried taking the token below $22,000

The 14-day relative strength indicator (RSI) was at 51.84 as of this writing. It is still below the 53.00 floor.

If this momentum continues through the weekend many anticipate BTC will trade close to its $19,000.600 support level for the long term.


In addition to bitcoin, ethereum (ETH) was also volatile following the Fed’s decision to hike rates by 75 basis points.

Initially, the ETH/USD rose to a peak of $1613.41 in news. But, on Thursday, it dropped to an intraday low, $1,507.24.

The move sees the token now fall for a fifth straight session, following last week’s gains, which saw prices hit a 6-week high.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike
ETH/USD – Daily Chart

The chart clearly shows how the decline of the RSI brought it to a level of 58.00. Bears have attempted to move below this mark.

As of writing, bulls have so far rejected this, with the world’s second largest token somewhat rebounding.

ETH currently trades at $1.531.53, while the 10-day (red-colored) moving average is facing higher. This could indicate that resilient bulls await the moment to escalate market pressure.

Get weekly price analysis emails sent straight to your inbox by registering your email

Are you expecting ethereum prices to stay above $1,500 each week? Comment below to share your views.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

Image creditPixabay Wiki Commons Wiki Commons PixieMe,

DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine