On February 22nd, the cryptocurrency market saw Bitcoin and Ethereum experiencing declines, with traders looking to lock in profits after recent price increases.
The dip in prices for both Bitcoin and Ethereum came as the Federal Open Market Committee (FOMC) minutes were set to be released, with investors keeping a close eye on the Federal Reserve's perspective on the US economy following a 25-basis-point hike.
Bitcoin's intraday low was $23,902.54, dropping from its high of $24,824.10 less than 24 hours earlier. This occurred after the 14-day relative strength index (RSI) moved below a support point at 61.00, and prices fell below $24,200.
Currently, the RSI sits at 59.24, marking its weakest point since February 14th. Bulls are looking towards a floor of 58.00 to help stem the bleeding in prices.
Ethereum saw similar declines, breaking out of a key support point after reaching a high of $1,682.78 on February 22nd. It fell to a low of $1,628.69 earlier in the day, dropping further below a long-term support zone at the $1,675 mark, with $1,625 acting as an interim floor.
Bulls have since reentered the market, and Ethereum is now trading at $1,643.32. The RSI now tracks at 53.76 after the price strength plunged, and a floor of 57.00 gave way earlier in the session.
Despite the decline, Ethereum is still trading almost 6% higher than it was at the same time the previous week