Bitcoin was changing hands at nearly $28,900, roughly where it has been during most of the last 24 hours, while ether was staying around $1,900
Bitcoin and ether continued to be in tight ranges on Thursday amid less trading volume, and unaffected by the Fed’s broadly anticipated 25bps interest rate raise the day earlier and the latest slightly uplifting data that indicates the jobs market might be weakening.
Bitcoin was changing hands at nearly $28,900, roughly where it has been during most of the last 24 hours, while ether was staying around $1,900. Jobless claims increased by 13k to 242k during the past week, slightly exceeding expectations of an 11k rise in claims.
In comments Wednesday after the U.S. central bank’s decision to hike interest rates 25bps, Federal Reserve Chair Jerome Powell proposed that the slow cooling of labour markets showed the economy’s strength and may suggest an economic soft landing rather than a much-feared recession.
In what many monetary policy observers considered a small shift, the Fed chair also noted that a drop in wage growth to a more feasible level would assist in easing inflationary pressures.
Wages and their growth cadence will possibly play an important role in the FOMC’s assessment of economic conditions, and the merits of future rate raises.
Bitcoin traded in line with its 20-day moving average, with a narrow trading range that traversed 2.3 per cent from low to high. Bitcoin impulse is at neutral levels with a Relative Strength Index (RSI) of 51. The BTC RSI is marginally higher than its 20-day average of 50, but giving little hint of going up at present.
Ether is changing hands at just below its 20-day average, showing slightly less strength than bitcoin, while trading in a similarly narrow range. Since April 21, ether’s price has risen 2 per cent compared to a 6 per cent rise for bitcoin.
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