Bitcoin and Ethereum Prices Face Resistance as Rally Continues
Bitcoin and Ethereum prices have recovered from their mid-September volatility, but the question remains whether this rally will continue or face resistance.
The Bitcoin price has risen about 4% over the past week to $80,475, while Ethereum has gained around 2% to $2,574. However, both assets are down today, with Bitcoin falling 0.57% to $80,573.52 over 24 hours.
The Federal Reserve's recent interest rate hike by 25 basis points to 3.75%-4.00% on September 16 has had a limited impact on crypto prices. Despite the strong dollar, which rose from 99.39 on September 14 to 100.56 at one point, both Bitcoin and Ethereum have continued their upward trend.
Regulatory developments, including the SEC's approval of a temporary five-year exemption for tokenized U.S. stocks, have also provided support for the market. Additionally, ETF inflows have added momentum, with U.S. spot Bitcoin ETFs recording about $159.5 million of net inflows on September 17.
The question now is whether this rally will continue to reach new heights or face resistance around $81,000-$82,000 for Bitcoin and $2,600-$2,650 for Ethereum.