Cryptocurrency markets remain bullish ahead of the Federal Reserve’s policy decision as both Bitcoin (BTC) and Ethereum (ETH) have been trading at near multi-week highs. Following the release of the US inflation figures, many people expect the benchmark rate to be increased by 50 basis points.
Bitcoin (BTC) traded close to $18,000 at the time of writing on Wednesday, with markets remaining bullish after the US inflation report. During the session, the BTC/USD rate rose to a record high of $17,930.09, following a low price of $17,412.19 from the previous day. This is the closest the coin has been to the $18,000 level since November 9th.
The 14-day Relative Strength Index (RSI) is currently at the 60.00 mark, slightly below the key ceiling of 60.75. If Bitcoin moves above this point, the $18,000 mark could be reached again.
Ethereum (ETH) was also trading at a near five-week high as investors prepared for the Federal Reserve’s policy meeting. The ETH/USD exchange rate reached its highest point of $1,341.44, up from $1,289.23 less than 24 hours earlier.
The chart shows that the bulls have been near a key resistance level, 59.00, with the current reading of 58.06. If this barrier is broken, it could lead to an increase in pressure and push the coin up to $1,400.
