Cryptocurrency markets remained relatively flat on Wednesday as investors and traders waited for the US Department of Labor to release the latest Consumer Price Index report. Bitcoin consolidated around the $30,000 level, following a strong surge earlier in the week, while Ethereum dropped below the $1900 mark after breaching the $1900 resistance level on Tuesday.

The Chinese Consumer Price Index (CPI) fell to an 18-month low earlier in the week, strengthening sentiment in the market. After hitting a high of $30,509.08 on Tuesday, BTC/USD has dropped to an intraday low of $29,865.20, with a relative strength index (RSI) currently tracking at 68.89. Analysts predict that should the RSI remain above the support point of 68.00, the price of BTC could extend current gains.

Unlike Bitcoin, Ethereum fell below the $1900 level during today’s session, dropping 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. This came as ETH dropped below a key resistance level of $1,915, with a floor of $1,830 a potential target for sellers. The RSI is currently sitting at 58.44, and if the index continues to drop, a breakout of the 58.00 support point could be seen.

Overall, the cryptocurrency market seems to be preparing for US inflation figures, with both Bitcoin and Ethereum consolidating around their current levels. Should consumer prices in the U.S. fall to 5.2% in March, as analysts expect, this could present an opportunity for further gains in the coming days.



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