Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies in the world, are still trading above $24,000 and $1,600, respectively. But when they woke up this morning, Bitcoin had gone down a little, from $25,000 to $24,000.
As the cryptocurrency market continues to change, investors are paying close attention to the meeting minutes of the Federal Open Market Committee (FOMC) that will be made public this week.
BTC Price Prediction
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 24,862.25 |
There’s a chance that the good news about the US economy could be behind the recent drop in cryptocurrency prices. This makes it more likely than before that the Federal Reserve will stick to its goal of tightening monetary policy.
Bitcoin has been trading in a narrow range between $23,700 and $25,200, going up and down but not much else. The immediate resistance level for the BTC/USD pair is currently around $25,200. If the price goes above this level, it could reach $26,000.
Today’s Bitcoin Price
But the major technical indicators like the RSI and MACD are moving in different directions. While MACD’s histograms are below 0 and in the “sell” zone, the RSI is over 50 and in the “buy” zone. Divergence like this is often a sign that investors aren’t sure what to do.
If the price of Bitcoin drops below the current support level of $23,750, which is set by the 50% Fibonacci retracement point, the next support level would be around $22,850.
Today’s Bitcoin Price
The minutes from the FOMC meeting, which will be made public on Wednesday, will be the main topic of conversation for the next week. These minutes could change how much bitcoin is being traded for.