Bitcoin, Ethereum Technical Analysis: BTC Closes in on $30,000 as Markets React to Latest Fed Decision

Bitcoin edged closer to the $30,000 level on Thursday, as markets reacted to the Federal Reserve’s decision to hike interest rates. The Fed increased rates by 25 basis points, and have hinted that they could make an additional move in September. Ethereum neared the $1,900 level today.

Bitcoin

Bitcoin (BTC) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision.

After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.”

BTC/USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46.

The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00.

The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead.

Traders are likely waiting for the upcoming gross domestic product (GDP) data out later today, before making the next move.

Ethereum

Ethereum (ETH) also edged higher on Thursday, as bulls pushed the cryptocurrency towards the $1,900 level.

Following a low of $1,849.98 on Wednesday, ETH/USD moved to peak at $1,886.97 earlier in today’s session

This is the highest point ethereum has traded at since Monday, when price traded marginally above $1,890.

Today’s rally came as the world’s second largest cryptocurrency broke out of a ceiling on the RSI at 48.00.

Despite this, the recent crossover of 10-day (red) and 25-day (blue) moving averages, means sentiment is predominantly bearish.

As of writing, the index is tracking at 48.95, with price at $1,876.43.

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Will ethereum hit $1,900 today? Leave your thoughts in the comments below.