Bitcoin drops to $20,000 ahead of Wednesday's FOMC meeting
was trading lower for an eighth consecutive day, with Monday’s decline sending prices to their lowest point since December 2020.
The world’s largest crypto token fell to an intraday low of $20,950.82 in today’s session, following yesterday’s low of $23,607.69. This latest decline comes as traders prepare for tomorrow’s FOMC meeting, where some expect the Federal Reserve to increase interest rates.As U.S. inflation continues to peak, many now see it as a necessity for the Fed to make more policy changes, in order to combat rising consumer prices.
From a technical standpoint, the 14-day RSI is now tracking at its lowest point in over five years, with a reading of 23.77. Many believe that we have yet to find a price floor following the recent declines in value, with some expecting prices to potentially land near $19,000.Ethereum fell below $1,100 on Tuesday, as the price decline in the world’s second-largest cryptocurrency worsened./USD fell to an intraday bottom of $1,094.70 earlier in the day.