Bitcoin, Ethereum Technical Analysis: BTC Consolidates Around $30,000, Ahead of US Inflation Report

Bitcoin consolidated around the $30,000 mark on Wednesday, as markets prepared for the release of the latest inflation report in the United States. Consumer prices in the U.S. are expected to fall to 5.2% in March, down from 6% the month prior. Ethereum also consolidated, dropping back below $1,900.

Bitcoin

Bitcoin (BTC) consolidated around the $30,000 mark on Wednesday, as markets anticipated the release of the upcoming inflation figures from the United States.

Ahead of the report, BTC/USD fell to an intraday low of $29,865.20, which comes less than 24 hours after trading at a high of $30,509.08.

This comes following a strong surge in price on Tuesday, which saw bitcoin climb to its highest point in ten months.

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Overall, sentiment in the market is mostly higher, which comes after consumer prices in China fell to an 18-month low.

Today’s marginal decline in price has pushed the relative strength index (RSI) back towards a support point at 68.00.

The index is currently tracking at 68.89, and should it remain above the aforementioned 68.00 mark, there is a good chance that BTC could extend current gains.

Ethereum

On the other hand, ethereum (ETH) dropped below the $1,900 level during today’s session, falling by nearly 3% in the process.

Following a high of $1,923.81 on Tuesday, ETH/USD dropped to a low of $1,860.04 earlier in the day.

Today’s move came as ETH dropped below a key resistance level of $1,915, with a floor of $1,830 a potential target for sellers.

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The drop in price coincided with the RSI falling below a resistance level of 63.00, with the index now at a reading of 58.44.

Should the index continue to drop, a breakout of a support point at 58.00 could occur, leading to further price slippage.

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Will lower inflation boost cryptocurrency prices? Leave your thoughts in the comments below.