Bitcoin, Ethereum Technical Analysis: BTC Above $26,000 Ahead of US Inflation Report – Market Updates Bitcoin News

BTC inflation report

Bitcoin moved above the $26,000 level on Wednesday, ahead of the upcoming inflation report in the United States. Consumer prices for August are expected to come in at 3.6%, up from 0.4% the month prior. Core inflation on the other hand is forecasted to fall to 4.3%, from 4.7% in July. Ethereum was back above $1,600.


Bitcoin was once again trading above the $26,000 level in today’s session, as markets prepared for the upcoming U.S. inflation report.

Following a low of $25,781.12 on Tuesday, BTC/USD rose to an intraday peak of $26,451.94 earlier in the day.

The move comes as the world’s largest cryptocurrency continued to move away from a recent three-month low.

From the chart, Wednesday’s surge in price comes as the 14-day relative strength index (RSI) jumped past a ceiling of 44.00.

At the time of writing, the index is tracking at a reading of 47.23, with the next visible point of resistance at the 50.00 mark.

In the case that this level is reached, there is a good chance that BTC will be trading closer to $27,000.


Ethereum (ETH) moved away from Tuesday’s six-month low, climbing back above $1,600 in the process.

ETH/USD peaked at $1,616.54 in today’s session, following a bottom at $1,582.22 less than 24 hours before.

As a result of the rebound in price, the RSI has now moved out of oversold territory, and is hovering below a key ceiling.

Currently, the aforementioned resistance sits at 40.00, with price strength currently residing at 39.40.

Should this zone be broken, then there will likely be a push above the $1,620 support point.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect inflation stats to show a rise today? Leave your thoughts in the comments below.

Source: Bitcoin

Related posts

Wittman says patience wearing thin on F-35 sustainment plan


Defense Innovation Unit seeks modular test system to scale drone tech

Cleantech & EV'sNews

Nevada's largest – and only second – wind farm just got 70k acres from BLM

Cleantech & EV'sNews

EVgo transitions to kWh pricing model throughout the US (where legally allowed, of course)

Sign up for our Newsletter and
stay informed!

Share Your Thoughts!

This site uses Akismet to reduce spam. Learn how your comment data is processed.