Bitcoin consolidated recent gains on March 21 as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect the Federal Reserve to keep raising rates, albeit at a slower pace of 25 basis points. This comes after the US announced that it will explore measures to guarantee customer deposits in banks embattled after a recent crisis.
Bitcoin
bitcoin (BTC) was once again trading below $28,000 as traders consolidated recent gains ahead of the next FOMC meeting.
After a maximum of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 today.
The move sends Bitcoin away from its recent nine-month high, ahead of tomorrow’s rate decision, which will likely lead to further market volatility.
One sign of this uncertainty comes as the 14-day RSI, which failed to move beyond its own top.
At time of writing, the index is at 71.47, which is marginally below a resistance level at 72.00.
BTC However, it has since risen back above $28,000, and price fluctuations are likely to persist throughout the day.
Ethereal
On the other hand, ethereum (ETH) held below $1,800 for the second session in a row, after a recent climb into overbought territory.
ETH/USD fell to an intraday low of $1,725.01 on Tuesday, a day after trading at a high of $1,788.13.
Despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages, it appears that the momentum has changed.
On the chart, it looks like this coincides with the RSI falling below a support point at 61.00.
At the time of writing, the index sits at 60.74, with Ethereum slightly higher, and the asset is currently trading at $1,762.33.
For the bulls to recapture the $1800 mark, this ceiling must first be broken on the RSI.
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