• Bitcoin (BTC) and Ethereum (ETH) were marginally higher on Feb. 1 ahead of the Federal Open Market Committee (FOMC) meeting results.
• BTC/USD moved to an intraday high of $23,225.02 while ETH/USD rose to a peak of $1,598.52 earlier in the day.
• Volatility rose due to the Fed meeting, with the RSI remaining close to a floor at 68.00 for BTC/USD and 57.64 for ETH/USD.
Bitcoin and Ethereum Rise Ahead of FOMC Meeting Results
The prices of Bitcoin and Ethereum have gone up marginally ahead of the upcoming Federal Open Market Committee (FOMC) meeting results that are expected to increase rates by 25 basis points, taking current rates to 4.75%.
Bitcoin Price Movement
Bitcoin (BTC) was trading above $23,000 when today’s session started and it briefly moved past an interim ceiling at the $23,200 level before volatility due to Fed meeting saw prices move back below this point and return to $23,045 as of writing. The 14-day relative strength index (RSI) remained close to a floor at 68.00 as of writing with the index tracking at 69.83 until after the Fed meeting concludes.
Ethereum Price Movement
Ethereum (ETH) was also seen rising marginally higher on Wednesday with prices moving closer to the $1,600 zone; ETH/USD reached a peak of $1,598.52 earlier in the day following a bottom at $1,569.04 from Tuesday’s session priorly; however bulls were unable to push prices above resistance as sentiment shifted while RSI was unable track past its own ceiling at 58 with it currently tracking at 57.64 instead – should this sentiment continue it is highly likely that ETH will fall towards its floor at $1,550 again soon enough..
Impact on Cryptocurrency Prices
It remains unclear how today’s FOMC meeting will affect cryptocurrency prices but many believe that if rates do go up then investors may be less inclined to invest in crypto given their volatile nature which could lead to price declines across crypto markets; however if rates remain steady or even decrease then investors may see this as an opportunity and start investing more into crypto – pushing prices up further over time than they already have been recently..
Conclusion
Overall traders are cautiously optimistic about today’s FOMC meeting results but are aware that anything can happen; whichever way it goes cryptocurrencies could be impacted significantly given how much attention has been paid towards them lately so it’ll be interesting what direction things take from here onwards..