Following the Federal Open Market Committee (FOMC) meeting and press conference on Wednesday, Bitcoin price has shown strength.
Bitcoin price wants to rise, but negative flows for spot BTC ETF are fermenting market sentiment. Ethereum price could drop to $3,160 amid legal tussle and question of whether ETH is a security. XRP flipping $0.6677 into support could attract enough momentum to drive Ripple price to a new range high above $0.7440. Following the Federal Open Market Committee meeting and press conference on Wednesday, Bitcoin price has shown strength.
Bitcoin price could drop toward the $61,038 support as buying pressure continues to dwindle. This can be seen with the falling Relative Strength Index that has already executed a bearish crossover below its signal line . In the past, in all instances where the RSI crossed below the signal line on the H3 time frame while below the 50 mean level, Bitcoin price responded with an extended fall.
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