Bitcoin, Ethereum Technical Analysis: BTC Briefly Climbs to 1-Year High, Before Losing Momentum

Bitcoin rose to a fresh one-year high on Thursday, as markets reacted to the release of June’s FOMC minutes. The report on last month’s Federal Open Market Committee meeting showed that “almost all participants” are in favor of further hikes this year. Ethereum also rebounded following the minutes.

Bitcoin

Bitcoin (BTC) climbed higher on Thursday, as traders continued to react to the latest FOMC minutes report.

The minutes revealed that “Almost all participants noted that in their economic projections that they judged that additional increases in the target federal funds rate during 2023 would be appropriate.”

BTC/USD rose to an intraday peak at $31,460.05, which comes following a low at $30,225.61 earlier in today’s session.

As a result of this high, BTC rose to its strongest point since last June, when the price was trading above $32,000.

Bulls appear to be once again targeting this point, however will first need to break out of a ceiling at $31,500.

So far they have been unable to do this, pushing the price to a current level at $30,750.56.

Ethereum

Ethereum (ETH) briefly rose in today’s session, however has since slipped, as market momentum began to shift.

Following an earlier high at $1,956.01, ETH/USD has dropped to a bottom at $1,909.66 at the time of writing.

The downturn came as traders once again failed to breach a key resistance level at the $1,960 mark.

This came as the relative strength index (RSI) failed to break a ceiling at the 61.00 level, earlier in the week.

As of writing, the index is tracking at 55.43, and seems to be heading for a floor at the 53.00 mark.

Should it reach this point, there is a good chance that the ETH will be trading below $1,890.

Register your email here to get weekly price analysis updates sent to your inbox:

What is behind today’s change in momentum? Leave your thoughts in the comments below.