Bitcoin and Ether are trading basically at the same levels as it was at the start of the week. Price had dipped slightly midweek and after slight gains, there are no signs of improvements.
The popular cryptocurrency fell weak after the U.S Federal Reserve raised interest rates for the fourth consecutive time to tackle the ongoing inflation. The Monetary Policy Committee is struggling to contain inflationary pressure amid risks of a prolonged recession. Central banks are taking a conservative approach and this somewhat explains why Bitcoin has failed to breach the $21,000 mark.
At the time of writing this article, Bitcoin was trading at $20,316, while Ether was holding at $1,547, as per data from CoinMarketCap. The altcoins are holding their own. Polygon MATIC gained 15% in the last 24 hours. Dogecoin is up nearly 60% in the last seven days but is down 11% in the last 24 hours.
Bitcoin’s Relative Strength Index (RSI) shows a bearish divergence between its last two highs. Analysts believe it is very rare for the RSI to top on the first bearish divergence signal. There is hope that if the bulls stabilize in this zone, the BTC price will likely make it to $21,000. Overall, the popular cryptocurrency’s price analysis seems to be forming a descending triangle pattern since October 30. Bottom support still lies at $18,000 mark, with the 50-day exponential moving average at $20,306.