Giovanni Russo Bitcoin marked a one-year record on Thursday, instigated by the market’s response to the disclosure of the FOMC minutes from June. The Federal Open Market Committee meeting’s report indicated near-universal agreement among participants for additional rate hikes within this year. Ethereum also regained strength post-disclosure of the minutes.
Bitcoin
Bitcoin (BTC) displayed an upward trajectory on Thursday as traders continued to digest the revelations from the latest FOMC minutes.
The minutes highlighted that “Almost all participants anticipated suitable increases in the target federal funds rate during 2023, as per their economic projections.”
The BTC/USD pair marked an intraday peak at $31,460.05, following an earlier low of $30,225.61 in today’s trading session.
BTC/USD – Daily Chart
BTC thus reached its highest level since the previous June when it was trading above $32,000, courtesy of this surge.
Bulls seem to be setting their sights on this level again, although they first need to breach a resistance level at $31,500.
So far, they haven’t been successful in achieving this, with the current price hovering around $30,750.56.
Ethereum
Ethereum (ETH) made a brief leap in today’s trading session, only to falter as the market momentum began to switch.
After peaking at $1,956.01, the ETH/USD pair has currently settled at a low of $1,909.66.
This downward trend emerged as traders struggled once more to overcome a crucial resistance level at the $1,960 mark.
ETH/USD – Daily Chart
This failure coincided with the relative strength index (RSI) being unable to surpass a peak level at 61.00 earlier this week.
As of the present moment, the index sits at 55.43, appearing to be on a trajectory towards a bottom at the 53.00 mark.
If it descends to this level, there’s a high possibility that ETH will trade below $1,890.
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Why do you think the momentum shifted today? Share your thoughts in the comment section below.
Table Of Contents
Frequently Asked Questions (FAQs) about FOMC Minutes Impact on Cryptocurrency
What caused Bitcoin to reach a one-year high?
The fresh one-year high for Bitcoin was caused by the market’s response to the release of the Federal Open Market Committee (FOMC) minutes from June. These minutes revealed a consensus among participants for further interest rate hikes within the year, which positively affected Bitcoin’s price.
How did Ethereum react to the release of the FOMC minutes?
Following the release of the FOMC minutes, Ethereum also saw a price rebound. However, this increase was brief and the cryptocurrency has since slipped as market momentum began to shift.
What are the current resistance levels for Bitcoin and Ethereum?
For Bitcoin, bulls are currently aiming to break a resistance level at $31,500. Ethereum, on the other hand, failed to breach a key resistance level at the $1,960 mark.
What is the Relative Strength Index (RSI) tracking for Ethereum?
As of the time of writing, Ethereum’s Relative Strength Index (RSI) is tracking at 55.43 and appears to be heading towards a floor at the 53.00 mark.
How can I receive weekly price analysis updates?
You can receive weekly price analysis updates by registering your email to receive the Weekly Technical Analysis Report.
More about FOMC Minutes Impact on Cryptocurrency
- Bitcoin Price Analysis
- Ethereum Price Analysis
- Understanding the Federal Open Market Committee (FOMC)
- What is Relative Strength Index (RSI)?
- Cryptocurrency Market Trends
- Register for Weekly Technical Analysis Report
6 comments
Wow, Bitcoin’s climbing again, huh? thought it was just another crypto winter lol. bulls are back in the game!
I’m still getting my head around all this…RSI, FOMC. It’s a lot to take in for a beginner.
Breaking resistance levels is always the hard part, isn’t it? BTC and ETH, don’t let us down now.
hey guys, registered for that weekly price analysis update. Let’s see if it helps with the trading decisions.
ETH could go lower than $1,890?? darn it, I was hoping for a rebound soon.
Clear impact of FOMC minutes on the market, interesting stuff. wonder how long this will last… hmmm.