Crypto prices continue to fall on February 22 as markets gear up for the latest Federal Open Market Committee (FOMC) minutes. Following a recent push to multi-month highs, prices have fallen and traders are beginning to look for bullish factors. Ethereum has also declined, though it remains above $1,600.
Bitcoin
Bitcoin (BTC) extended its recent losses Wednesday as markets began to anticipate the FOMC minutes report.
Today’s report will clarify the Federal Reserve’s current view of the US economy, following last month’s 25 basis-point increase.
As BTC/USD dropped to $23,902.54 intraday on the hump. This is lower than 24 hours after it hit a high of $24,824.10.
The move was a result of two breakouts: first, the 14-day RSI moving below a support level of $61.00 and second, prices dropping below $24,200.
The index currently sits at level of 59.24. It is its lowest point since February 14.
The remaining bulls will be hoping for a bounce at 58.00, which could help ease the current price bleeding.
Ethereum
In addition to BTC and ETH, Ethereum was in the red for the second consecutive session, breaking a crucial support level in the process.
Following a high of $1,682.78 Tuesday, the ETH/USD traded at $1,628.69, lower than the previous day.
Today’s drop here saw Ethereum make further moves under the long-term support zone at $1,675 and $1,625 as interim bottom.
