Bitcoin and Ethereum Technical Analysis Summary

• Bitcoin (BTC) extended recent declines on Wednesday, falling to an intraday low of $23,902.54 ahead of the release of the latest Federal Open Market Committee (FOMC) minutes.
• Ethereum (ETH) also declined, breaking out of a key support point and moving further below a long-term support zone at the $1,675 mark.
• Both assets have seen price strength plunge, with BTC’s 14-day relative strength index (RSI) tracking at its weakest point since February 14.

The Federal Open Market Committee Minutes

The upcoming FOMC meeting minutes report will shed light on the Federal Reserve’s current view of the U.S. economy following last month’s 25-basis-point hike. As markets anticipate this news, Bitcoin has fallen below $24,000 while Ethereum has dropped to just above $1,600.

Bitcoin Price Action

BTC/USD fell to an intraday low of $23,902.54 on hump-day after hitting a high of $24,824.10 in the previous session. The decline came following two breakouts; firstly when the 14-day relative strength index (RSI) moved below a support point at 61.00 and secondly when prices dropped under $24,200. Currently, the RSI is tracking at 59.24 – its weakest point since February 14 – with a floor at 58.00 awaiting remaining bulls which could help ease any ongoing bleeding in prices.

Ethereum Price Action

Similar to Bitcoin, ETH/USD slipped to an intraday low of $1,628

• SEC and CFTC civil lawsuits against former FTX CEO Sam Bankman-Fried will be paused until his criminal proceedings conclude.
• US Attorney has filed a motion to stay the two cases in order to prevent “judicial overlap”.
• The Manhattan trial is set to begin on October 3rd, 2023, and Bankman-Fried is charged with eight financial crimes.

Civil Suits Against Former FTX CEO Paused

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have both filed civil lawsuits against former FTX CEO Sam Bankman-Fried. However, these proceedings have been put on hold at the request of the U.S. Attorney for the Southern District of New York until Bankman-Fried’s criminal trial concludes in Manhattan on October 3, 2023.

Charges Filed by SEC and CFTC

The SEC complaint alleges that „Bankman-Fried orchestrated a years-long fraud“ dating back to the creation of FTX, while the CFTC alleges that customer deposits at FTX were „appropriated by Alameda for its own use“ throughout the relevant period. Both agencies allege various financial crimes including conspiracy to commit wire fraud, securities fraud, commodities fraud, money laundering and campaign finance violations.

Motion To Stay Requested by US Attorney

Damian Williams, U.S. attorney for the Southern District of New York filed a motion to stay this week in order to prevent any „judicial overlap“ between the civil and criminal proceedings against Bankman-Fried as well as ensure that any outcomes from his criminal trial will have a significant impact on both lawsuits. The New York judge presiding over Bankman-Fried’s case has agreed to defer both cases until after his criminal trial is complete.

Criminal Charges Against Former FTX CEO

Bankman-Fried has been indicted by a federal grand jury in New York after his arrest on eight financial crimes ranging from conspiracy to commit wire fraud and securities fraud to money laundering and campaign finance violations related to alleged activities at FTX since its creation several years ago when he was CEO there..

Conclusion

The outcome of Sam Bankman-Fried’s criminal case may significantly impact not only his future but also how both civil lawsuits brought by the SEC and CFTC play out over time once they are resumed following completion of his Manhattan trial scheduled for October 3rd next year..

• Bitcoin (BTC) fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets.
• Ethereum (ETH) also declined on Monday, however, it remained above $1,600.
• The 14-day relative strength index (RSI) broke out of a floor at 68.00 for both cryptocurrencies.

Bitcoin Technical Analysis

Bitcoin (BTC) started the week falling to a seven-day low, as market sentiment began to shift downwards. BTC/USD has now fallen lower for five straight sessions, with today’s decline taking prices to a bottom of $22,734.48. This drop sees bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500. The 14-day relative strength index (RSI) broke out of a floor at 68.00 and is now tracking at 61.15 – the lowest reading for the index in nearly a month following an extended streak in overbought territory.

Ethereum Technical Analysis

Ethereum (ETH) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline. Following a high of $1,665.26 on Sunday, ETH/USD dropped by as much as 2% in today’s session