Bitcoin was once again trading below a key resistance level of $27,000 on Wednesday, ahead of today’s U.S. Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum was 2% lower today.
Bitcoin (BTC) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the upcoming FOMC minutes report.
Following a high of $27,386.99 on Tuesday, BTC/USD dropped to a low of $26,671.98 earlier in today’s session.
The move comes following two days of consecutive gains, which pushed bitcoin to a one-week high.
Looking at the chart, the decline came as the relative strength index (RSI) of 14 days fell below a support point at 42.00.
At the time of writing this, the index is now tracking at 41.356, with a lower floor at 39.00 a possible target for bears.
If successful in reaching this level, BTC will likely be at the $26,300 mark.
Ethereum (ETH) fell by as much as 2% in today’s session, however bulls have so far rejected a breakout below the $1,800 level.
ETH/USD dropped to an intraday low of $1,811.79 on Wednesday, which comes a day after trading at a peak of $1,869.34.
Similar to bitcoin, today’s slippage sees bearish pressure put a stop to a mini-win streak for the world’s second largest cryptocurrency.
Should this downwards pressure continue to gain momentum, there is a good chance that ETH could move below $1,800 shortly.
Price strength is currently tracking at 46.09, with a floor at 44.00 a potential landing stop in the event of further declines.
Long-term bulls will remain optimistic however, with an upwards crossover of the 10-day (red), and 25-day (blue) moving averages on the cusp of happening.
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Will today’s FOMC minutes have a positive impact on cryptocurrency prices? Leave your thoughts in the comments below.