BTC struggled to stay above $30,000 on Thursday, as the market prepared to release US inflation data on Friday. Crypto prices mainly consolidated in today’s session, while ETH slipped marginally, falling below $1,800.
Bitcoin was attempting to stay above $30,000 on Thursday, as traders began anticipating the latest US inflation report.
On Friday, the latest Consumer Price Index (CPI) is expected to show inflation at 8.3%, still close to a record high.
Ahead of its release, BTC/USD fell marginally to an intraday bottom of $30,015.98 on Thursday.
The move came after the bulls reclaimed the $30,000 mark during yesterday’s session, however they failed to extend these gains.
Some believe this could be a result of the upcoming CPI release, which has been a leading economic indicator in recent months.
Moreover, the 14-day RSI is near its 45.50 floor, and if it holds steady, BTC is likely to stay above $30,000.
ETH also saw a decline on Thursday, as the current market uncertainty pushed the price below $1,800 once again.
Less than a day after trading at a peak of $1,862.91, ETH/USD slipped to an intraday low of $1,777.97 earlier today.
The price has since climbed higher, moving away from the $1,750 support and trading near $1,795.45 as of writing.
The subject of eventual consolidation still exists in Ethereum, and like BTC, it is likely due to an upcoming economic release.
While crypto prices were not exposed to such fundamentals in the past, due to the current economic downturn globally, traders are moving away from high-risk assets, and use data such as inflation to gauge the timing of potential investments. are using.
Will we see ETH stay above $1,800 after yesterday’s inflation report? Give your thoughts in the comment below.
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