Bitcoin, Ethereum Technical Analysis: Bitcoin Pushes Towards $31,000 as US Inflation Is Expected to Fall

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Bitcoin moved towards $31,000 on Wednesday, ahead of June’s inflation report from the United States. Consumer prices are expected to fall to 3.1%, down from May’s reading of 4.0%. Ethereum also edged higher, as the cryptocurrency closed in on the $1,900 mark.

Bitcoin

Bitcoin (BTC) neared $31,000 in today’s session, as traders were optimistic ahead of upcoming inflation data from the United States.

Following a low of $30,358.10 on Tuesday, BTC/USD jumped to an intraday high of $30,831.81 earlier in the day.

Today’s move resulted in the world’s largest cryptocurrency breaking out of a key resistance level of $30,800.

Price has since fallen below this point, as the relative strength index (RSI) neared a ceiling at 62.00.

The index is now hovering at 61.98, with bulls hoping that there will be a breakout following the release of the consumer price index (CPI).

Should this occur, the price target will likely be at a resistance of $31,400.

Ethereum

Ethereum (ETH) also edged higher on hump-day, with the price once again closing in on the $1,900 zone.

So far today, ETH/USD peaked at $1,895.08, which was nearly 2% higher than Tuesday’s low at $1,863.22.

Unlike bitcoin, ethereum’s 14-day RSI has moved beyond its own ceiling of 52.00, and as of writing is tracking at 53.42.

This comes despite the 10-day (red) moving average (MA) being on the cusp of a downward crossover with the blue 25-day MA.

A crossover of this kind will likely be a bearish signal, and could prompt traders to abandon previous long positions.

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Will inflation fall lower than expected? Leave your thoughts in the comments below.