BTC Rises $2000, Climbs Over $23,000 as Federal Reserve Raises Bank Rate – Market Updates Bitcoin News


Cryptocurrency prices rose in today’s session, as markets continued to react to the Federal Reserve’s latest rate hike. The Fed chose to raise interest rates by 75 basis points for the second consecutive meeting. Bitcoin briefly rose above the $23,000 mark earlier today, with Ethereum surging to a six-week high above the $1,600 mark.

Bitcoin

Bitcoin (BTC) Trading was higher on Thursday, as prices rose after the latest interest rate hike from the Federal Reserve.

The bank’s move to boost the Federal Reserve interest rate by 0.75% pushed bitcoin to an intraday high of $23,358.34 earlier in today’s session.

At the time of writing, this is the highest level BTCThe US dollar has arrived since last Friday, June 22nd, when prices settled near the $24,000 resistance level.

Bitcoin, Ethereum Technical Analysis: BTC Rises $2000, Climbs Above $23,000 as Federal Reserve Raises Bank Rate
BTC/ USD – daily chart

Looking at the chart, earlier gains have been somewhat pared back, as some bulls have chosen to abandon their positions, rather than attempting to extend the uptrend, with Bitcoin now trading at $22,949.05.

This may have happened due to the fact that the 14-day Relative Strength Index (RSI) hit its own ceiling, at 57.

If traders hope to push the coin back above $23,000, this ceiling will have to be broken.

Ethereum

In addition to bitcoin, Ethereum (ETH) It was also in the green on Thursday, as prices crossed a key resistance level.

ETHThe US dollar briefly broke the resistance at $1,645 in today’s session, reaching a high of $1,666.88 in the process.

This was the highest price for Ethereum since June 10, when the price was trading as high as $1,800.

Bitcoin, Ethereum Technical Analysis: BTC Rises $2000, Climbs Above $23,000 as Federal Reserve Raises Bank Rate
ETH/ USD – daily chart

However, like Bitcoin, the previous bullish momentum faded as today’s session progressed, with the coin now trading at $1,619.57.

Looking at the chart, it now appears as if the previous rally above the $1,645 ceiling might have been a false breakout.

In addition, the RSI is now tracking at 62.58, which is relatively close to the next resistance point at 66, which may have pushed the bulls out, thus avoiding the impending hurdle.

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Could Ethereum Reach As High As $1,700 By The End Of The Week? Put your thoughts in the comments below.

Eleman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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