Bitcoin, Ethereum Technical Analysis: BTC Moves Below $28,000 Ahead of FOMC Decision 
Bitcoin fell below the $28,000 level on Tuesday, as markets continued to prepare for tomorrow’s Federal Reserve interest rate decision. The Fed is expected to increase rates by 0.25%, despite the U.S. economy slowing down. Ethereum also remained lower, moving close to a breakout below $1,800.
Bitcoin
Bitcoin (BTC) dropped below $28,000 on Tuesday, as markets prepared for the upcoming Federal Open Market Committee (FOMC) decision.
BTC/USD slipped to an intraday low of $27,680.79 earlier in today’s session, which came less than 24 hours after trading at a high of $28,626.28.
As a result of this move, bitcoin nearly collided with its recent price floor at $27,600, hitting a six-day low in the process.
BTC/USD – Daily Chart
Looking at the chart, the latest decline comes as the relative strength index (RSI) moved below a floor of its own at 50.00.
At the time of writing, the index is tracking at 46.17, with the next visible point of support at 43.00.
Bitcoin has since moved back above $28,000, and is currently trading at $28,176.91.
Ethereum
Ethereum (ETH) was also lower in today’s session, with prices also falling to a key level of support.
Following a high of $1,851.19 to start the week, 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.
ETH/USD – Daily Chart
ETH has since rebounded from this floor, as sentiment remained relatively stable, despite the earlier decline.
This happened despite the RSI trading under a support point of its own at 45.00, with a current reading of 44.30.
There could be more moves on Wednesday following the Fed decision, with a potential move above $1,900 still on the cards.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum, FOMC, interest rates
Will the Fed raise interest rates tomorrow? Leave your thoughts in the comments below.
Eliman Dambell
Biggest Movers: LTC Back Under $90.00, as SOL Extends Declines MARKET UPDATES | 22 hours ago 
Bitcoin, Ethereum Technical Analysis: BTC, ETH Start Week Lower, Ahead of Key Economic Events MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Previous article
India, Russia Mull Payment System Integration in Face of US Sanctions
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing