BTC Nears Key Price Floor Ahead of US Inflation Report – Market Updates


Bitcoin’s price on September 27 was close to $27,300, which is a crucial floor. WednesdayThe markets were anticipating the release of the U.S. Inflation report. Consumer Prices for the last month remain at 5%. This could be justified by the Federal Reserve’s decision to hike rates last week. Ethereum Above $1,800

Bitcoin continued to consolidate as the markets awaited for the latest inflation report in the United States. A high of 27 824.39 dollars was recorded on Tuesday, BTC/USD dropped to an intraday low of $27,375.60 earlier in today’s session. Today’s move pushed bitcoin close to a key support point at $27,300, however prices have since rebounded. Overall, it seems that the previous drop occurred following a breakout in the relative Strength Index (RSI). Price Strength dropped below a floor of 43.00. The index was tracking at 42.63 as I wrote this. Bitcoin is now trading at $27.607.96.

Ethereum also hovered close to a support point of its own in today’s session, as overall market sentiment remained uncertain. On September 8, ETH/USD reached a new low of $1.835.70, which is just a few days after trading above $2,000, has dropped. Overall, Ethereum has been down for the fifth day in a row, with a drop of nearly 10%. The 25-day moving average (MA) (blue) has been pushed lower in recent days, and the trend line is fast approaching the 10-day (red). Although, a bull run could be triggered by a 10-day MA crossing above the 25-day MA. Should this occur, bulls will likely aim at the $2,000 mark.

Do You expect inflation to continue falling today? Leave Comment below with your thoughts.

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