BTCfought to hold above $30,000 on Thursday as markets prepare for the release of US inflation data on Friday. Crypto prices consolidated mostly in today’s session, whileETHfell slightly; ETHfell slightly, dipping below $1,800; and BTC
fell below $1,000.
Bitcoin
Bitcoin was trying to hold above $30,000 on Thursday as traders began to anticipate the latest US inflation report.
On Friday, the latest Consumer Price Index (CPI) is expected to show inflation at 8.3%, which is still near a record high.
Prior to this announcement,. the BTC/USD fell slightly on Thursday, hitting an intraday bottom of $30,015.98.
This move comes after the bulls retook the $30,000 mark in yesterday’s session, but they were unable to extend this rally.
Some believe this may be due to the upcoming release of CPI, the key economic indicator for the past few months.
In addition to this, the 14-day RSI is hovering around the lower limit of 45.50, and if this holds steady,BTCis likely to hold above $30,000.
Ethereum
hadon Thursday; ETHalso fell, with prices again below $1,800 due to current market uncertainty.
Less than a day after trading at a peak of $1,862.91,ETH/USD fell to an intraday low of $1,777.97 earlier today.
Prices have since rallied, moving away from the $1,750 support level and trading near $1,795.45 as of this writing.
After all, the theme of consolidation still exists in Ethereum,as well as in BTCas well as in the upcoming economic indicators releaseas well as BTC
Crypto prices have been less exposed to such fundamentals in the past, but with the current global recession, traders are moving away from high risk assets and using data such as inflation to gauge the timing of potential investments They are increasingly using data such as inflation to gauge the timing of potential investments.
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