Bitcoin and Ethereum are both experiencing downward price movements:
Bitcoin (BTC):
- Bitcoin’s price has fallen below the $27,000 level.
- The drop in price comes ahead of the release of the U.S. consumer price index (CPI) for September, with an expected rise of 3.6%.
- Bitcoin’s recent move has pushed its relative strength index (RSI) to the 44.00 level, indicating a potential support point.
- The RSI has marginally rebounded to 45.28, which could serve as a buffer ahead of the inflation report and potentially trigger increased volatility.
Ethereum (ETH):
- Ethereum’s price has also declined to a multi-week low.
- After reaching a high of $1,576.40, ETH/USD dropped to $1,538.26.
- This marks Ethereum’s weakest point since September 11, below the $1,540 support level.
- The downtrend is accompanied by a bearish crossover of the 10-day and 25-day moving averages.
- The RSI is currently at 36.88, indicating that volumes are marginally oversold, which may lead to buying opportunities depending on the outcome of the inflation report.
Both cryptocurrencies are experiencing price pressure as traders and investors await the release of the U.S. inflation report. The report’s results could have a significant impact on the cryptocurrency market.