{"id":20499,"date":"2023-05-02T21:08:51","date_gmt":"2023-05-02T21:08:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-moves-below-28000-ahead-of-fomc-decision-market-updates-bitcoin-news\/"},"modified":"2023-05-02T21:08:51","modified_gmt":"2023-05-02T21:08:51","slug":"btc-moves-below-28000-ahead-of-fomc-decision-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-moves-below-28000-ahead-of-fomc-decision-market-updates-bitcoin-news\/","title":{"rendered":"BTC Moves Below $28,000 Ahead of FOMC Decision \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell below the $28,000 level on Tuesday, as markets continued to prepare for tomorrow\u2019s Federal Reserve interest rate decision. The Fed is expected to increase rates by 0.25%, despite the U.S. economy slowing down. Ethereum also remained lower, moving close to a breakout below $1,800. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) dropped below $28,000 on Tuesday, as markets prepared for the upcoming Federal Open Market Committee (FOMC) decision.<\/p>\n

BTC<\/a>\/USD slipped to an intraday low of $27,680.79 earlier in today\u2019s session, which came less than 24 hours after trading at a high of $28,626.28.<\/p>\n

As a result of this move, bitcoin nearly collided with its recent price floor at $27,600, hitting a six-day low in the process.<\/p>\n

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\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

Looking at the chart, the latest decline comes as the relative strength index (RSI) moved below a floor of its own at 50.00.<\/p>\n

At the time of writing, the index is tracking at 46.17, with the next visible point of support at 43.00.<\/p>\n

Bitcoin has since moved back above $28,000, and is currently trading at $28,176.91.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also lower in today\u2019s session, with prices also falling to a key level of support.<\/p>\n

Following a high of $1,851.19 to start the week, ETH<\/a>\/USD plunged to a bottom at $1,809.19 earlier in the day.<\/p>\n

Today\u2019s drop saw the world\u2019s second largest cryptocurrency move below its long-term price floor at $1,830.<\/p>\n

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

ETH<\/a> has since rebounded from this floor, as sentiment remained relatively stable, despite the earlier decline.<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

This happened despite the RSI trading under a support point of its own at 45.00, with a current reading of 44.30.<\/p>\n

There could be more moves on Wednesday following the Fed decision, with a potential move above $1,900 still on the cards.<\/p>\n

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

Will the Fed raise interest rates tomorrow? 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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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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