BTC, ETH Fall To 1-Week Lows As Markets Prepare For Big Week Of Data – Market Updates Bitcoin News
Bitcoin traded near a key support point on Monday as markets braced for a big week of economic data. The headliner will be Wednesday’s US inflation report, which is forecast to come in at 8.1% for September, down from August’s rate of 8.3%. Ethereum was also in the red, as the token fell to a one-week low to start the week.
Bitcoin
Bitcoin started the week trading at a seven-day low as markets braced for a big week of economic data.
BTC/USD fell to a low of $19,162.31 on Monday, which saw prices fall below a key support point at $19,300.
Since hitting this floor, bulls have since re-entered, pushing prices back above the aforementioned support.
Looking at the chart, today’s price drop came when the 14-day relative strength index (RSI) fell to its own bottom.
At the time of writing, the index is following 45.47, which is marginally above a support of 45.00, but bulls have so far rejected a breakout attempt.
Should this continue to be the case, we could see bitcoin bounce from this point, heading back towards the $20,000 mark.
Ethereum
In addition to bitcoin, ethereum (ETH) also followed close to a one-week low on Monday, with prices also nearing a breakout.
The world’s second largest cryptocurrency fell to a low of $1,300.00 to start the week, but the bears failed to take the token below this point.
Despite the failed breakout, ETH/USD is currently trading at its lowest point since October 3, which is the last time the price was below $1,300.
As seen from the chart, it appears that bulls are still present in ETH, with the 10-day (red) moving average approaching a crossover with its 25-day (blue) counterpart.
Should this transition take place, we could see the price of ethereum rise back towards a resistance of $1,390.
Traders are likely to pay attention to the RSI for guidance, with the index currently hovering marginally above a floor of 41.30.
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Will crypto prices consolidate ahead of Wednesday’s inflation report? Leave your thoughts in the comments below.
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