As markets get ready for Friday’s release of U.S. Inflation data, BTC was trying to keep above $30,000 Thursday. Crypto prices mainly consolidated in today’s session, whilst ETH marginally slipped, falling below $1,800.
Bitcoin
Bitcoin tried to maintain a price of $30,000 Thursday as traders anticipated the U.S. latest inflation report.
Friday’s latest consumer price index (CPI), is forecast to indicate inflation of 8.3%. This is still close enough to record levels.
Before this release, the BTC/USD was slightly lower than it had been on Thursday. It touched an intraday low of $30,015.98
This move comes after bulls recaptured the $30,000 mark during yesterday’s session, however they have failed to extend these gains.
Many believe that this could be due to the CPI report, which is a crucial economic indicator over recent months.
Additionally, the 14 day RSI still remains close to its 45.50 floor. Should this hold, BTC could stay over $30,000.
Ethereum
Thursday’s decline in ETH was due to market uncertainty. Prices fell below $1,800 once more.
Just one day after reaching a $1,862.91 peak, ETH/USD fell to an intraday low today of $1.777.97.
The prices have moved away from $1,750 as support and now trade at close to $1.795.45.
The theme of consolidation remains in ethereum. This is similar to BTC. It is also likely that future economic releases will reinforce this idea.
While crypto-price movements were less sensitive to economic fundamentals than in the past (e.g., the collapse of global economies), traders are now shifting away from high risk assets. They are now using inflation data to predict the time when potential investments will be made.
Will we see ETH stay above $1,800 following tomorrow’s inflation report? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.