Bitcoin neared a breakout below $29,000 on Wednesday, ahead of the release of anticipated Federal Open Market Committee (FOMC) minutes. The minutes will show the United States Fed’s reasoning behind its last rate hike, whilst also giving guidance on its future decisions. Ethereum dropped to a one-week low.
Bitcoin
Bitcoin (BTC) extended recent declines on Wednesday, as traders began to anticipate the upcoming FOMC minutes report.
BTC/USD fell to an intraday low of $29,061.95 earlier in today’s session, which comes after a high of $29,439.12 the day prior.
This drop sent bitcoin to its lowest point since August 7, when the price fell to a bottom of $28,660.
Wednesday’s decline comes despite an upward crossover taking place between the 10-day (red) and 25-day (blue) moving averages.
The relative strength index (RSI) did provide a bearish signal however, slipping towards a floor of 42.00
As of writing, the index is tracking at 44.49, which is also a seven-day low.
Ethereum
Additionally, ethereum (ETH) edged lower for a second straight session, as the cryptocurrency moved towards a floor of its own.
Following a high at $1,842.95 on Tuesday, ETH/USD dropped to an intraday low of $1,816.33 earlier today.
Like with bitcoin above, this plunge saw the world’s second largest cryptocurrency record a one-week low.
Whilst the RSI on BTC was heading towards a floor, ethereum’s price strength broke out of its own support.
The index moved below a support level at 41.00, and is now tracking at 40.83, with the next visible point of support at 39.00.
Should this target be reached, ETH will likely be trading around the $1,780 mark.
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