Bitcoin (BTC) experienced a drop below $28,000 on Tuesday, just as markets prepared for the upcoming Federal Open Market Committee (FOMC) decision. During the session, BTC/USD slipped to an intraday low of $27,680.79, coming less than 24 hours after trading at a high of $28,626.28. This move nearly collided with its recent price floor at $27,600, hitting a six-day low in the process. This decline comes as the relative strength index (RSI) moved below a floor of its own at 50.00, with the next visible point of support at 43.00. However, the price has since moved back above $28,000 and is currently trading at $28,176.91.
Ethereum (ETH) Also Affected
Ethereum (ETH) was also affected by the market trend, with prices falling to a key level of support. After starting the week off at a high of $1,851.19, ETH/USD plunged to a bottom at $1,809.19 earlier in the day. Today’s drop saw the world’s second-largest cryptocurrency move below its long-term price floor at $1,830. Despite this, ETH has since rebounded from this floor, as sentiment remained relatively stable, despite the earlier decline. The RSI is currently trading under a support point of its own at 45.00, with a current reading of 44.30.
The cryptocurrency market continues to be affected by market trends and external factors such as the upcoming FOMC decision. However, both Bitcoin and Ethereum have shown resilience in their ability to bounce back from drops and remain stable in the face of uncertainty. As investors continue to navigate the volatile market, it is important to keep a close eye on trends and indicators such as the RSI to make informed investment decisions.