Bitcoin moved closer to $40,000 during Thursday’s session, as traders continued to react to yesterday’s Fed rate hike. The FOMC opted to increase interest rates by 0.5% during May’s meeting, which is the largest hike in over twenty years.
Bitcoin
Bitcoin rose for a second consecutive session on Thursday, as bulls were buoyed by the Fed’s decision to increase interest rates.
Following yesterday’s surge, BTC/USD climbed even higher during today’s session, as it moved closer to the $40,000 level.
BTC reached an intraday peak of $39902.95 today. This is the highest price that Bitcoin has seen since Thursday.
Today’s rally was halted by a key resistance point of $39,800, which has historically been the main obstacle preventing prices entering $40,000.
The chart shows that this resistance was located near another ceiling in the RSI indicator. This is because price strength could not move beyond 48.70.
Yesterday, we saw that this resistance level would present a problem for bulls as well as bears. It seems the bears have won this fight so far.
Ethereum
ETH was also higher during today’s session, as the uncertainty surrounding the Federal Open Market Committee (FOMC) meeting finally passed.
This cloud was gone, and bulls appeared to be returning tentatively to the crypto markets. ETH hit a one week high.
The $2,956.69 level was reached by ETH/USD earlier today. It follows yesterday’s $2,829.99 low.
Thursday’s move saw ethereum marginally pass its long-term resistance level of $2,950, climbing over 2% from yesterday’s low in the process.
Despite the upwards momentum, bulls stopped at resistance. Previous gains have eased likely due to positions being closed.
Momentum remains bullish. The 14-day RSI currently tracks at 48.50. That is well above its own ceiling.
If we get to the $3,000 mark, can we expect a continued rise in prices. Please leave your comments.
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