Bitcoin consolidated around the $30,000 mark on Wednesday, as markets prepared for the release of the latest inflation report in the United States. US consumer prices are expected to fall to 5.2% in March, down from 6% the previous month. Ethereum also consolidated, dipping below $1,900.
Bitcoin
bitcoin (BTC) consolidated around the $30,000 mark on Wednesday, as markets anticipated the release of upcoming US inflation figures.
Before the report, BTC/USD fell to an intraday low of $29,865.20, which comes less than 24 hours after trading at a high of $30,509.08.
This comes after a sharp rise in price on Tuesday, in which Bitcoin rose to its highest point in ten months.
Overall, market sentiment is mostly higher, which comes after consumer prices in China fell to an 18-month low.
Today’s marginal decline in price has pushed the RSI towards a support point at 68.00.
The index is currently at 68.89, and if it holds above the aforementioned 68.00 mark, there is a good chance that BTC could extend current gains.
Ethereal
On the other hand, ethereum (ETH) fell below the $1,900 level during the session today, falling almost 3% in the process.
After a high of $1,923.81 on Tuesday, ETH/USD fell to a low of $1,860.04 earlier in the day.
Today’s movement occurred as ETH It fell below a key resistance level of $1,915, with the $1,830 floor a potential target for sellers.
The price decline coincided with the RSI falling below a resistance level of 63.00, with the index now at a reading of 58.44.
If the index continues to fall, a break of a support point at 58.00 could occur, causing the price to fall further.
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