Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal Open Market Committee (FOMC) meeting results. Many are expecting that the U.S. Federal Reserve will increase rates by 25 basis points, taking current rates to 4.75%. Bitcoin was in the green on Wednesday, as prices rose above $23,000.
Bitcoin
Bitcoin (BTC) was back above $23,000 in today’s session, as traders turned their attention to this afternoon’s FOMC meeting.
After recording a low of $22,874.43 on Tuesday, BTC/USD moved to an intraday high of $23,225.02 earlier today.
Today’s move saw the world’s largest cryptocurrency briefly move past an interim ceiling at the $23,200 level.
However, with volatility today higher due to the Fed meeting, prices have since moved back below this point and are currently trading at $23,045.02.
This took place as the 14-day relative strength index (RSI) continued to hover close to a floor at 68.00
As of writing, the index is tracking at 69.83, and could remain around this mark until after the Fed meeting…