Bitcoin and Ethereum experienced slight price movements in the market on Wednesday, with Bitcoin consolidating around the $30,000 mark and Ethereum dropping back below $1,900. The market is anticipating the release of the upcoming inflation figures from the United States, with consumer prices expected to fall to 5.2% in March, down from 6% the previous month.
BTC/USD fell to an intraday low of $29,865.20, less than 24 hours after trading at a high of $30,509.08. This comes after a strong surge in price on Tuesday, which saw bitcoin climb to its highest point in ten months. Overall, sentiment in the market 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 relative strength index (RSI) back towards a support point at 68.00. The index is currently tracking at 68.89, and should it remain above the aforementioned 68.00 mark, there is a good chance that BTC could extend current gains.
On the other hand, Ethereum dropped below the $1,900 level during Wednesday’s session, falling by nearly 3% in the process. Following a high of $1,923.81 on Tuesday, ETH/USD dropped to a low of $1,860.04 earlier in the day. Today’s move came as ETH dropped below a key resistance level of $1,915, with a floor of $1,830 a potential target for sellers. The drop in price coincided with the RSI falling below a resistance level of 63.00, with the index now at a reading of 58.44. Should the index continue to drop, a breakout of a support point at 58.00 could occur, leading to further price slippage.
It remains to be seen whether lower inflation will boost cryptocurrency prices. Investors are keeping a close eye on the market and are waiting for more clarity before making any significant moves. It is important to note that this article is for informational purposes only and is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Eliman Dambell, a former director of a London-based brokerage and online trading educator, is currently a commentator on various asset classes, including Crypto, Stocks, and FX, while also a startup founder.
In conclusion, the cryptocurrency market is experiencing slight price movements, and investors are waiting for more clarity before making any significant moves. The release of the upcoming inflation figures from the United States is expected to shed more light on the market’s direction. It is important to exercise caution when investing in cryptocurrencies and to seek professional advice before making any investment decisions.