Bitcoin, Ethereum Technical Analysis: Bitcoin Pushes Towards $31,000 as US Inflation Is Expected to Fall
Bitcoin moved towards $31,000 on Wednesday, ahead of June’s inflation report from the United States. Consumer prices are expected to fall to 3.1%, down from May’s reading of 4.0%. Ethereum also edged higher, as the cryptocurrency closed in on the $1,900 mark.
Bitcoin
Bitcoin (BTC) neared $31,000 in today’s session, as traders were optimistic ahead of upcoming inflation data from the United States.
Following a low of $30,358.10 on Tuesday, BTC/USD jumped to an intraday high of $30,831.81 earlier in the day.
Today’s move resulted in the world’s largest cryptocurrency breaking out of a key resistance level of $30,800.
Price has since fallen below this point, as the relative strength index (RSI) neared a ceiling at 62.00.
The index is now hovering at 61.98, with bulls hoping that there will be a breakout following the release of the consumer price index (CPI).
Should this occur, the price target will likely be at a resistance of $31,400.
Ethereum
Ethereum (ETH) also edged higher on hump-day, with the price once again closing in on the $1,900 zone.
So far today, ETH/USD peaked at $1,895.08, which was nearly 2% higher than Tuesday’s low at $1,863.22.
Unlike bitcoin, ethereum’s 14-day RSI has moved beyond its own ceiling of 52.00, and as of writing is tracking at 53.42.
This comes despite the 10-day (red) moving average (MA) being on the cusp of a downward crossover with the blue 25-day MA.
A crossover of this kind will likely be a bearish signal, and could prompt traders to abandon previous long positions.
Register your email here to get weekly price analysis updates sent to your inbox:
Will inflation fall lower than expected? Leave your thoughts in the comments below.
