Bitcoin News and Finance
Bitcoin, Ethereum Technical Analysis: BTC Under $27,000, ETH Hits 1-Month Low Ahead of US Inflation Report Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Under $27,000, ETH Hits 1-Month Low Ahead of US Inflation Report

BTC Under $27,000, ETH Hits 1-Month Low Ahead of US Inflation Report

Bitcoin fell below the $27,000 level on Thursday, ahead of the upcoming inflation report in the United States. Consumer prices are expected to have risen by 3.6% in September, down 0.1% from the month prior. Ethereum plunged to a multi-week low.

Bitcoin


Bitcoin (BTC) fell for a fifth consecutive day, as markets prepared for the release of last month’s U.S. consumer price index (CPI)

BTC/USD dropped to a low of $26,561.10 earlier in the day, which comes less than 24 hours after trading at a high of $27,258.45.

Thursday’s sell-off has seen the world’s largest cryptocurrency remain near its lowest point since the end of September.



Looking at the chart, the move pushed the relative strength index (RSI) to a support point at the 44.00 level.

Price strength has since marginally rebounded, and at the time of writing, is tracking at 45.28.

This floor may serve as a buffer ahead of the inflation report, which could then trigger an increase in volatility.

Ethereum


Ethereum (ETH) also experienced a plunge in price, with the cryptocurrency falling to a multi-week low.

Following a high of $1,576.40 on Wednesday, ETH/USD dropped to a bottom at $1,538.26 earlier in the session.

As a result, ethereum has now fallen to its weakest point since September 11, when the price traded below its $1,540 support point.



The downtrend comes following a recent crossover of the 10-day (red) moving average and its 25-day (blue) counterpart.

Due to this bearish momentum, the RSI has fallen to a current reading of 36.88, which suggests volumes are marginally oversold.

This could prompt bulls to consider buying the dip, depending on today’s inflation report.

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

Will US inflation fall below 3.6%? Leave your thoughts in the comments below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory