Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come – Market Updates Bitcoin News

) mostly consolidated on Thursday, as price failed to break out of the key level of $17,000 yesterday./USD slipped to an intraday low of $16,789.75 earlier in the session.

The drop comes as markets reacted to the latest FOMC minutes, where the Fed have seemingly agreed to maintain interest rate hikes.This comes as the bank expects a more aggressive rise in inflation, forecasting consumer prices to be at 3.5% in 2023, higher than the 3.1% previously expected. Looking at the chart, the decline in price also comes as the 14-day relative strength index moved below a resistance zone of 51.00.

As of writing, the index is now tracking at 49.14, and seems to be moving towards a support level of 46.00.

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