• Bitcoin (BTC) was hovering close to a key price floor near $27,300 on Wednesday, as markets anticipated the upcoming U.S. inflation report.
• Ethereum (ETH) also hovered close to a support point of its own in today’s session and is down nearly 10% within that period.
• Consumer prices for last month are expected to remain at 5%, which could be seen as justifying the Federal Reserve’s decision to hike rates last week.
Bitcoin Price Analysis
Bitcoin (BTC) was hovering close to a key price floor near $27,300 on Wednesday, ahead of US Inflation Report. The market sentiment remained uncertain following a high of $27,824.39 on Tuesday and an intraday low of $27,375.60 earlier in today’s session. The RSI dropped below 43.00 with the index tracking at 42.63 at the time of writing and Bitcoin is now trading at $27,607.96.
Ethereum Price Analysis
Ethereum (ETH) hovered close to a support point of its own in today’s session and is down nearly 10% within that period as it hit an intraday low of $1,835.70 on Wednesday . The 25-day moving average moved lower as the 10-day moving average is below the 25-day line which could lead to a bull run if an upwards crossover occurs targeting recapturing the $2,000 point .
US Inflation Report
Consumer prices for last month are expected to remain at 5%, which could be seen as justifying the Federal Reserve’s decision to hike rates last week . This has caused some uncertainty in the cryptocurrency markets leading investors unsure whether or not this will cause BTC/USD and ETH/USD prices drop or rise further .
The short-term outlook remains bullish even with today’s minor drops but there still remains some uncertainly over how far BTC/USD and ETH/USD can go before they reach their next resistance points . Investors should keep an eye out for any news surrounding US inflation report coming out later today as this could have some effect on both cryptocurrencies prices .
Overall it appears that BTC/USD and ETH/USD are currently consolidating after recent drops due largely in part from US inflation reports being released later today . It will be interesting to see how these reports effect both cryptocurrencies in terms of their long term value trajectory but investors should keep up with news events closely if they wish to make informed decisions about their investments .