The two biggest cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH), are still trading above $24,000 and $1,600, respectively. But this morning, they saw a little decrease, with Bitcoin dropping from $25,000 to $24,000.
Investors are closely monitoring the Federal Open Market Committee (FOMC) meeting minutes that will be made public this week as the cryptocurrency market continues to fluctuate.
It’s possible that the current decline in cryptocurrency prices is related to the upbeat economic statistics coming out of the US. This has made it more likely than before that the Federal Reserve will stick to its goal of tightening monetary policy.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 24,862.25 |
Bitcoin Price Prediction
Bitcoin has been trading sideways and in a limited range between $23,700 and $25,200. The BTC/USD pair’s immediate resistance barrier is currently around $25,200; if the price rises over this level, it may eventually hit the $26,000 level.
The major technical indicators, such as the RSI and MACD, are diverging, though. While MACD is creating histograms below 0 in a sell zone, RSI is currently over 50 in a buying zone. Divergence of this kind frequently denotes investor hesitancy.
The next support level for Bitcoin, which is established by the 50% Fibonacci retracement point, would be around $22,850 if the price drops below the present support level of $23,750.
The FOMC meeting minutes, which are scheduled to be made public on Wednesday, will be the main topic of discussion in the forthcoming week. These minutes might have an effect on how much Bitcoin is trading for.
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