Cryptocurrency markets have seen a bit of a mixed performance in the lead up to tomorrow’s US inflation release. Bitcoin and Ethereum have both dropped, while some altcoins have posted gains. Investors are now eagerly awaiting the US inflation numbers, which are expected to reach 7.3%.
Bitcoin
Bitcoin (BTC) opened the week trading at $16,899.39, down from $17,245.64 the day prior. As of the time of writing, BTC was trading just under the $17,000 mark.
The 14-day RSI is currently at 47.42 and is close to a resistance level of 46.00. Depending on tomorrow’s inflation numbers, Bitcoin could well fall below $16,700, and possibly towards the $16,000 mark.
Ethereum
Ethereum (ETH) has also seen a drop in price over the last few days. Following a high of $1,281.78 on Sunday, ETH traded at a lower level of $1,243.48 this morning. Currently, the Ethereum price is close to its lowest point in over a decade, at $1,230.
The chart shows that the current bearish sentiment in ETH has returned after the RSI failed to breach the ceiling of 52.00. At the time of writing, the index stands at 48.60 and appears to be heading towards a bottom of 45.30.
