Cryptocurrencies Steady Ahead of US Inflation Figures – Bitcoin Remains Above $30,000, Ethereum hovers just below $1,900
Bitcoin
Bitcoin (BTC) was seen consolidating around the $30,000 mark on Wednesday, with markets bracing for the release of the latest inflation report from the United States.
BTC/USD dropped to $29,865.20 intraday, not long after it had traded at $30,509.09, following a sharp increase in price the previous day. This was its highest point in 10 months.
Sentiment in the market remains upbeat even though consumer prices are lower, with a 18-month low reached in December.
The relative strength index (RSI) dropped back to 68.00, which may indicate that BTC could extend current gains if it remains above this mark.
Ethereum
Ethereum (ETH) experienced a slight dip today, falling below the $1,900 level.
ETH/USD exchange rate fell to $1,860.04 earlier today, after peaking at $1923.81 the day before. This was the result of ETH dropping below a key resistance level of $1,915.
The RSI has also declined, falling below the 63.00 resistance level and now tracking at 58.44.
If the index continues to slip, a breakout at 58.00 support level could lead to further price drops.
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