In short: Bitcoin slipped below $27,000, failing to maintain a consecutive two-day increase and falling as low as $26,671.98 on Wednesday. Ethereum also saw a decline of 2%, with prices currently tracking at 46.09, although bulls have rejected a breakout below the $1,800 level. Investors are awaiting today's FOMC minutes, which could provide insight into the Federal Reserve's future policy timeline and impact cryptocurrency prices.
Our quick analysis:
The cryptocurrency market is buzzing with anticipation as the U.S. Federal Open Market Committee (FOMC) minutes report is set to be released today. All eyes are on the Federal Reserve's timeline towards policy change and its potential impact on cryptocurrency prices.
Bitcoin (BTC) was on a mini-winning streak, but it seems to have hit a roadblock as it drops below a key resistance level of $27,000. BTC/USD fell to a low of $26,671.98 in today's session, with the relative strength index (RSI) falling below a support point at 42.00. If bears successfully target the lower floor at 39.00, we could see BTC at the $26,300 mark.
Ethereum (ETH) isn't faring any better, with a 2% drop in today's session. While it has so far rejected a breakout below the $1,800 level, there's a good chance that it could move below that price point shortly. The price strength is currently tracking at 46.09, with a potential landing stop at 44.00 in the event of further declines.
Long-term bulls are optimistic, however, as an upward crossover of the 10-day and 25-day moving averages is on the horizon.
As we await the FOMC minutes report, the question on everyone's mind is whether it will have a positive impact on cryptocurrency prices. Will we see BTC and ETH rise or fall? Share your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The cryptocurrency market is buzzing with anticipation as the U.S. Federal Open Market Committee (FOMC) minutes report is set to be released today. All eyes are on the Federal Reserve's timeline towards policy change and its potential impact on cryptocurrency prices.
Bitcoin (BTC) was on a mini-winning streak, but it seems to have hit a roadblock as it drops below a key resistance level of $27,000. BTC/USD fell to a low of $26,671.98 in today's session, with the relative strength index (RSI) falling below a support point at 42.00. If bears successfully target the lower floor at 39.00, we could see BTC at the $26,300 mark.
Ethereum (ETH) isn't faring any better, with a 2% drop in today's session. While it has so far rejected a breakout below the $1,800 level, there's a good chance that it could move below that price point shortly. The price strength is currently tracking at 46.09, with a potential landing stop at 44.00 in the event of further declines.
Long-term bulls are optimistic, however, as an upward crossover of the 10-day and 25-day moving averages is on the horizon.
As we await the FOMC minutes report, the question on everyone's mind is whether it will have a positive impact on cryptocurrency prices. Will we see BTC and ETH rise or fall? Share your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!