Bitcoin edged marginally higher on Friday, as traders began to shift their attention to next week’s Fed meeting. Many are expecting that the Federal Reserve will keep rates unchanged for the first time in over a year. Ethereum remains above a floor at $1,830.
Bitcoin
Bitcoin (BTC) moved marginally higher during Friday’s session, as the focus for traders begins to be next week’s Fed rate decision.
Following a low of $26,339.32 on Thursday, BTC/USD jumped to an intraday peak of $26,797.51 earlier today.
The move comes as bulls bounced from a price floor at $26,300, with a ceiling at $27,200 now a potential target.
In order to get closer to this point, the 14-day relative strength index (RSI) will need to move past a ceiling at 47.00
At the time of writing, the index is tracking at 46.21, with bitcoin trading around the $26,600 level.
Despite the optimism from bulls, the 10-day (red) moving average remains in a downtrend, following a cross with its 25-day (blue) counterpart.
Ethereum
In addition to bitcoin, ethereum (ETH) recorded some small gains on Friday, after colliding with its own support point.
ETH/USD climbed to a peak of $1,861.14 in today’s session, which comes less than 24 hours after falling to a bottom at $1,831.26.
Unlike bitcoin, the moving averages have yet to cross, which provides optimism to longer-term bulls of potential upcoming gains.
As well as the price, the RSI has also avoided a breakout below a floor at 47.00, and is now at a reading of 48.23.
The next target appears to be the 52.00 mark, and should this be hit, ethereum will likely be above $1,900. #googleai #BinanceTournament #crypto2023 #dyor