Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike
Bitcoin was consolidating below a key resistance level on Tuesday, as market volatility rose ahead of the upcoming U.S. Fed decision. Tomorrow’s Federal Reserve meeting will likely see interest rates increased, as the bank battles inflation. Ethereum moved below $1,600 in today’s session. Bitcoin Bitcoin (BTC) was trading below a key resistance level on Tuesday, ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting. Following a failed breakout of its $20,800 ceiling on Monday, BTC/USD slipped to a low of $20,287.46 earlier today. Market uncertainty has spiked in anticipation of the FOMC meeting, with many expecting the Fed to increase rates by 0.75%. BTC/USD – Daily Chart As can be seen from the chart, price volatility also comes following a failed surge in price strength , with the relative strength index (RSI) recently failing to break a ceiling of its own. The threat of a rate hike has boosted U.S. dollar strength , which appears to be o...