BTC, ETH Move Lower Ahead Of US Inflation Data – Market Updates Bitcoin News
Bitcoin traded below $17,000 to start the week, as markets braced for a big week of economic announcements. US inflation figures will be released tomorrow, and are expected to fall to 7.3%. Many believe this will make room for the Federal Reserve to swing away from its aggressive rate hike policy. Ethereum was also lower, trading below $1,250 at the time of writing.
Bitcoin
Bitcoin (BTC) started the week in the red as traders braced for a big week of economic announcements from the US.
Inflation figures will be released on Tuesday, and are expected to fall to 7.3%, down from 7.7% the previous month.
BTC/USD fell to an intraday low of $16,899.39 during Monday’s session, which comes a day after hitting a high of $17,245.64.
As can be seen from the chart, today’s decline saw bitcoin move lower for a fourth straight day, approaching a floor of $16,700 in the process.
The 14-day relative strength index (RSI), which is currently tracking at 47.42, is also nearing its own resistance at 46.00.
Depending on tomorrow’s inflation numbers, we could see BTC move below $16,700, and potentially towards the $16,000 mark.
Ethereum
Ethereum (ETH) is also in a downward trend on Monday, with the price falling for the second session in a row.
After a high of $1,281.78 on Sunday, ETH/USD moved to a low of $1,243.48 earlier in the day.
The move saw ethereum fall to its lowest point since November 8, and it is now nearing a floor of $1,230.
Looking at the chart, the recent bearish sentiment in ETH returned when the RSI failed to break out of a ceiling of 52.00.
At the time of writing, the index is following 48.60, and now appears to be moving towards a floor of 45.30.
Despite this downtrend, the 10-day (red) moving average is still above its 25-day (blue) counterpart.
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Do you expect US inflation to fall below 7.3%? Leave your thoughts in the comments below.
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