Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip on Thursday, as Inflation in US Rose
Bitcoin retreated from a recent high on Thursday, in light of a much anticipated inflation report from the United States. The consumer price index rose to an annual rate of 3.2% last month, with core inflation falling to 4.7%. Ethereum also slipped into the red.
Bitcoin
Bitcoin (BTC) gave up recent gains on Thursday, as markets reacted to the latest U.S. inflation report.
BTC/USD dropped to an intraday low of $29,376.80 earlier in today’s session, following a peak at $30,093.44 the day prior.
The decline sees bitcoin retreat from its highest level since July 20, when the price peaked at a level of $30,421.
One of the reasons for the drop appears to be the 14-day relative strength index (RSI) falling below a recent ceiling of 51.00
As of writing, the index is now tracking at a reading of 50.51, with a floor of 41.00 the next visible target.
In the event that price strength reaches this level, there is a good chance that BTC will fall below the $29,000 mark.
Ethereum
Additionally, ethereum (ETH) was also in the red during today’s session, as price fell lower for a second consecutive day.
Following a high of $1,869.74 on Wednesday, ETH/USD slipped to a bottom of $1,845.49 earlier in the day.
Price slightly rebounded following the latest U.S. consumer price index, which marginally rose in July.
The recent volatility in ethereum comes as the RSI was unable to break out of a ceiling at the 51.00 mark.
As of writing, ethereum’s price strength is sitting at 49.12, with price at $1,856.44.
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How will traders continue to react to the latest inflation figures? Leave your thoughts in the comments below.
