Bitcoin and Ethereum Prices Drop Amid Central Bank Rate Hike Concerns
Bitcoin and Ethereum Prices Decline Ahead of Central Bank Decisions
Bitcoin (BTC) and Ethereum (ETH) began the week on a downward trajectory as investors braced for a series of central bank rate hikes. The U.S. Federal Reserve and Bank of England are among the key institutions expected to announce rate increases, prompting caution in the cryptocurrency market.
On September 19, BTC failed to reclaim the $20,000 psychological support level, slipping 6.5% to approximately $18,250. Similarly, ETH dropped 4% to around $1,280. These declines reflect broader market uncertainty as global monetary policy tightens.
Technical Analysis Points to Further Declines
BTC's price chart shows a bear flag breakdown, a pattern often associated with continued downward momentum. Similarly, ETH's symmetrical triangle breakdown suggests potential further declines. These technical indicators signal weakening bullish momentum in both Bitcoin and Ethereum.
Investors are closely monitoring these developments as central banks' decisions could significantly impact cryptocurrency prices in the short term. The combination of technical weakness and macroeconomic uncertainty has created a challenging environment for digital assets.
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