Technical Analysis of Bitcoin and Ethereum: Bitcoin Advances Toward $31,000 as US Inflation Is Anticipated to Decline

Prior to the US inflation report for June, Bitcoin climbed toward $31,000 on Wednesday. It is anticipated that consumer prices will decrease from May’s figure of 4.0% to 3.1%. The price of Ethereum increased somewhat as it approached the $1,900 threshold.

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Bitcoin

Bitcoin (BTC) traded close to $31,000 during today’s session as traders were upbeat in anticipation of incoming American inflation data.

BTC/USD climbed to an intraday high of $30,831.81 earlier in the day after Tuesday’s low of $30,358.10.

With today’s action, the biggest cryptocurrency in the world managed to surpass a crucial resistance level of $30,800.

Since then, the price has slid beneath this level as the relative strength index (RSI) approached its ceiling at 62.00.

The index is currently trading at 61.98, and bulls are anticipating a breakout after the consumer price index (CPI) report.

The price goal will probably be at a resistance level of $31,400 should this happen.

Ethereum

Inching closer to the $1,900 region once more, the price of Ethereum (ETH) increased on the half-day.

ETH/USD reached its highest point today at $1,895.08, which was about 2% above Tuesday’s low of $1,863.22.

As of this writing, ethereum’s 14-day RSI is tracking at 53.42, surpassing its own 52.00 ceiling, unlike bitcoin, which has remained static at 52.00.

This is true even though the blue 25-day MA and the 10-day (red) moving average (MA) are about to cross downward.

Such a crossover will probably be a bearish indicator, which may lead traders to cut losses on earlier long bets.