Skip to main content

Bitcoin, Ethereum Technical Analysis: Bitcoin Pushes Towards $31,000 as US Inflation Is Expected to Fall

Bitcoin Pushes Towards $31,000, as US Inflation Expected to Fall

Bitcoin moved towards $31,000 on Wednesday, ahead of June’s inflation report from the United States. Consumer prices are expected to fall to 3.1%, down from May’s reading of 4.0%. Ethereum also edged higher, as the cryptocurrency closed in on the $1,900 mark.

Bitcoin

Bitcoin (BTC) neared $31,000 in today’s session, as traders were optimistic ahead of upcoming inflation data from the United States.

Following a low of $30,358.10 on Tuesday, BTC/USD jumped to an intraday high of $30,831.81 earlier in the day.

Today’s move resulted in the world’s largest cryptocurrency breaking out of a key resistance level of $30,800.

Bitcoin chart by TradingView

Price has since fallen below this point, as the relative strength index (RSI) neared a ceiling at 62.00.

The index is now hovering at 61.98, with bulls hoping that there will be a breakout following the release of the consumer price index (CPI).

Should this occur, the price target will likely be at a resistance of $31,400.

Ethereum

Ethereum (ETH) also edged higher on hump-day, with the price once again closing in on the $1,900 zone.

So far today, ETH/USD peaked at $1,895.08, which was nearly 2% higher than Tuesday’s low at $1,863.22.

Unlike bitcoin, ethereum’s 14-day RSI has moved beyond its own ceiling of 52.00, and as of writing is tracking at 53.42.

Ethereum chart by TradingView

This comes despite the 10-day (red) moving average (MA) being on the cusp of a downward crossover with the blue 25-day MA.

A crossover of this kind will likely be a bearish signal, and could prompt traders to abandon previous long positions.

Register your email here to get weekly price analysis updates sent to your inbox:

Will inflation fall lower than expected? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/0h9aGEi
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more