{"id":19017,"date":"2023-03-22T12:43:01","date_gmt":"2023-03-22T12:43:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-nears-fresh-9-month-high-as-fed-meeting-looms-market-updates-bitcoin-news\/"},"modified":"2023-03-22T12:43:01","modified_gmt":"2023-03-22T12:43:01","slug":"btc-nears-fresh-9-month-high-as-fed-meeting-looms-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-nears-fresh-9-month-high-as-fed-meeting-looms-market-updates-bitcoin-news\/","title":{"rendered":"BTC Nears Fresh 9-Month High as Fed Meeting Looms \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today\u2019s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today\u2019s session. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) closed in on a fresh nine-month high in today\u2019s session, as markets continued to anticipate today\u2019s Federal Reserve rate decision.<\/p>\n

Following a low of $27,785.11 on Tuesday, BTC<\/a>\/USD surged to an intraday peak of $28,439.56 earlier in today\u2019s session.<\/p>\n

The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week.<\/p>\n

This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00<\/p>\n

As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.<\/p>\n

Traders are likely waiting for this afternoon\u2019s announcement prior to attempting to move beyond this point.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.<\/p>\n

ETH<\/a>\/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.<\/p>\n

Similar to bitcoin, Wednesday\u2019s rally in price saw ETH<\/a> near a recent high of $1,846, which is its strongest point since last August.<\/p>\n

The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.<\/p>\n

However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00<\/p>\n

In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.<\/p>\n

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

Could ethereum hit $2,000 following today\u2019s rate decision? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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