Bitcoin, Ethereum Technical Analysis: BTC Moves Away From $20,000 Following Historic Fed Rate Hike

Bitcoin moved away from its recent low of $20,000 on Thursday, following a historic rate hike from the Federal Reserve. As inflation in the United States rose to a 44-year high of 8.6% last month, the Fed responded by hiking rates by 0.75%. ETH was also marginally higher today.


BTC was marginally higher on Thursday, as markets responded to the latest interest rate hike from the Federal Reserve.

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The Fed opted to hike rates by 75 basis points (bps) during its latest policy meeting, with BTC/USD rising to $22,868.92 as an ostensible result.

Thursday’s move sees bitcoin move away from yesterday’s low of $20,391.30, and comes as traders attempt to create a new support point.

As of writing, it looks as though the $21,100 point could be a potential price floor, however, bears will likely attempt to send BTC even lower.

In addition to price, the 14-day RSI also seems to have settled at a support area of 23.20, which might give bulls some optimism.

However, should relative strength be relegated below this point, the $19,000 target that bears have in their sights may still be hit.


ETH was close to falling below $1,000 on Wednesday, however it has also rallied in today’s session following the FOMC meeting.

Following a low of $1,060.97 during hump-day, ETH/USD hit an intraday high of $1,246.14 earlier in today’s session.

Like bitcoin, today’s move saw ETH attempt to find a new support point, with traders so far appearing to be settling on the $1,100 area.

Overall, ETH is still nearly 40% lower than at the same point last week, with bearish sentiment still present.

Should this sentiment once again turn into momentum, bears will likely take ethereum below $1,000, with some expecting a bottom of $800.

For this to happen, the Relative Strength Index will likely need to be trading below 20, where it currently resides.

Do you expect ETH to fall below $1,000 this week? Leave your thoughts in the comments below.

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