{"id":15462,"date":"2022-12-14T14:12:28","date_gmt":"2022-12-14T14:12:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-remain-higher-ahead-of-fed-rate-decision-market-updates-bitcoin-news\/"},"modified":"2022-12-14T14:12:28","modified_gmt":"2022-12-14T14:12:28","slug":"btc-eth-remain-higher-ahead-of-fed-rate-decision-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-remain-higher-ahead-of-fed-rate-decision-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Remain Higher Ahead of Fed Rate Decision \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin continues to trade close to $18,000 on Wednesday, as markets remain bullish, following the latest U.S. inflation report. Following the data, which saw consumer prices rise to 7.1%, many expect the Federal Reserve to increase interest rates by 50 basis points. Ethereum was also higher today, and stayed close to a five-week high.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) was trading close to the $18,000 level on Wednesday, as markets remained higher following the latest U.S. inflation report.<\/p>\n

Following a low of $17,412.19 on Tuesday, BTC<\/a>\/USD surged to a peak of $17,930.09 earlier in today\u2019s session.<\/p>\n

As a result of this move, BTC<\/a> continues to trade close to its highest point since November 9, which is the last time price was above $18,000.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, this recent rise in momentum came as the 14-day relative strength index (RSI) raced to its highest point since early November.<\/p>\n

As of writing, the index is tracking at the 60.00 mark, which is marginally below a key ceiling at the 60.75 mark.<\/p>\n

Should bitcoin climb beyond this point, we could see the coin once again move above the $18,000 point.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also trading near a multi-week high in today\u2019s session, as traders geared up for the U.S. Federal Reserve policy meeting.<\/p>\n

Many expect the Fed to increase interest rates by 50 basis points, following the better-than-expected inflation report.<\/p>\n

ETH<\/a>\/USD hit a high of $1,341.44 on Wednesday, which comes less than 24 hours after trading at a bottom of $1,289.23.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, ethereum remains close to a five-week high, with prices in the green for a third consecutive session.<\/p>\n

Like with bitcoin earlier, the RSI is now hovering close to a key resistance level of 59.00, with a current reading of 58.06.<\/p>\n

Market pressure could intensify should bulls force a breakout of this hurdle, potentially leading ETH<\/a> towards $1,400.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect the Federal Reserve to hike the benchmark rate by more than 0.5%? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Creativan \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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