Bitcoin, Technical Analysis: BTC falls from 5-week high as traders continue to digest Fed Decision


Bitcoin fell from its five-week high on Thursday as markets continued to react the Federal Reserve’s latest interest rate decision. The U.S. Fed decided to raise interest rates by 50 basis point as expected. However, it also laid the foundation for a slower pace in future hikes. Ethereum also fell below its recent highs, dropping below $1,300 today.
Bitcoin (BTC), which was trading at $18,000, was again being traded as bears returned to the market after the Fed meeting.
After a move to a five week high of $18,318.53 Wednesday, BTC/USD fell to an intraday low at $17,642.51 today.
The drop seems to be due to traders moving to secure profits after three consecutive days of gains.

The chart shows that this price reversal coincided with the 14 day relative strength index (RSI), which failed to break through the ceiling at 60.00
As of writing, the index is tracking at 57.17, with the next visible support point at 54.00.
If price strength reaches this floor, it is possible that BTC will trade close to the $17.200 point.

Ethereum (ETH), in addition to bitcoin, also fell on Thursday following the U.S. Federal Reserve’s decision of increasing rates by 0.5%.
Jerome Powell, Fed Chair, gave market guidance after the decision. He stated that they were “coming close to the level [that] we believe [is] sufficiently restrictive.”
Today’s session saw ETH/USD fall to $1,280.52, less than 24 hours after hitting $1,346.17.

The chart shows that ETH has fallen from its $1,300 long-term ceiling.
Prices are down by almost 4% since yesterday’s peak. The RSI currently tracks at 50.92, which is slightly above a floor of 50.00.
Bulls will view this as a positive and hope that the sell-off today will end by the weekend.
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