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Cryptocurrency prices fell sharply over the weekend after yesterday’s U.S. inflation report came in at a 40-year high of 8.6%.
Bitcoin
After several days of consolidation,BTCfinally moved late Friday into Saturday as crypto prices reacted to the latest inflation report.
Data from the U.S. showed inflation at a 40-year high of 8.6%, which is higher than the 8.3% many had expected.
So it seems that investors panicked and in turn liquidated some of their positions in the crypto market.
BTC/USD fell to an intraday low of $28,911.36 at the start of the weekend, the lowest price in nearly two weeks.
Despite this drop, prices are still above support at $28,800, but there are indications that selling will intensify as the weekend progresses.
If the 14-day RSI falls below the current support at 40.50, this forecast could become a reality.
Ethereum
Saturday sawETHfall to its lowest in over a year as the world’s second largest crypto token’s price plunged.
to start the weekend,.ETH/USD fell nearly $300, hitting a bottom of $1,583.10 early in today’s session.
This is the lowest since last March, breaking support at $1,720.
After several days of consolidation, price strength also weakened and the RSI easily broke its 36 floor.
The indicator is currently at 30.96, approaching the lower support level of 29.30.
Some expect the price ofto fall in the future, as does Bitcoin; some believe the price of ETHwill fall in the future, and this RSI bottom may be the point the bears are targeting.
Image Credit: Shutterstock, Pixabay, Wiki Commons
