NounsDAO on the Brink of Treasury Division Split Amidst 'Rage Quit' Uprising by NFT Holders

Binance Supercharges Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Exciting Fee Promotion

Bitcoin Approaches Formation of Death Cross as Dollar Index Hints at Golden Crossover

On Thursday, Bitcoin (BTC) and Ether (ETH) prices showed little movement within narrow ranges, as trading volume remained low. Despite the Federal Reserve's anticipated 25 basis point interest rate hike and the recent moderately positive jobs data suggesting a potential weakening in the strong job market, the cryptocurrency market remained largely undisturbed.

Bitcoin remained steady at around $28,900, maintaining its position over the last 24 hours, while Ether hovered close to $1,900. The latest jobless claims report showed a rise of 13,000 to 242,000 in the previous week, slightly higher than the anticipated increase of 11,000 claims.

Federal Reserve Chair Jerome Powell made comments on Wednesday after the central bank's decision to increase interest rates by 25 basis points. Powell suggested that the recent moderate slowdown in the labor market reflects the economy's resilience and could indicate a potential soft landing rather than the anticipated recession.

Many monetary policy experts viewed Powell's remarks as a subtle shift, as he also mentioned that a reduction in wage growth "to a more sustainable level" could alleviate inflationary pressures.

The Federal Open Market Committee's assessment of economic conditions and the need for future rate hikes is likely to be influenced by wages and their growth rate.

Bitcoin (BTC) was trading in close proximity to its 20-day moving average, showing a narrow trading range of 2.3% from its low to high. At the moment, BTC momentum is relatively neutral with a Relative Strength Index (RSI) of 51. While the BTC RSI is slightly above its 20-day average of 50, it provides little indication of an upward movement at this time.

 

 

Ether (ETH) is currently trading slightly below its 20-day average, displaying slightly weaker momentum compared to BTC, but still trading within a narrow range. As of April 21, ETH's price has increased by 2%, while BTC has shown a 6% increase.

Ether's Relative Strength Index (RSI) is currently at 50.19, which surpasses its 20-day moving average of 48.01, and has grown by 10% since April 21. The gap between ETH's price increase and RSI acceleration does not suggest any divergence, but rather indicates that there is potential for additional upside in the asset.

A divergence between price and technical indicators usually happens when they move in opposite directions. However, in this case, they are moving in the same direction but at different rates.

 

 

Source Coidesk