Bitcoin was trading under $17,000 to start the week, as markets prepared for a big week of economic announcements. U.S. inflation figures will be released tomorrow, and are expected to fall to 7.3%. Many believe this will give way to the Federal Reserve pivoting from its aggressive rate hike policy. Ethereum was also lower, and is trading below $1,250 as of writing.
Bitcoin (BTC) started the week in the red, as traders prepared for a big week of economic announcements from the United States.
Inflation figures will be released on Tuesday, and are expected to fall to 7.3%, down from 7.7% the month prior.
BTC/USD fell to an intraday low of $16,899.39 during Monday’s session, which comes a day after hitting a high of $17,245.64.
BTC/USD – Daily Chart
As can be seen from the chart, today’s decline saw bitcoin move lower for a fourth straight day, edging closer to a floor of $16,700 in the process.
The 14-day relative strength index (RSI), which is currently tracking at 47.42, is also nearing a resistance of its own at 46.00.
Depending on tomorrow’s inflation figure we could see BTC move below $16,700, and potentially towards the $16,000 mark.
Ethereum (ETH) also trended downwards on Monday, with prices falling for a second consecutive session.
Following a high of $1,281.78 on Sunday, ETH/USD moved to a bottom of $1,243.48 earlier in the day.
The move saw ethereum fall to its lowest point since November 8, and it is now nearing a floor of $1,230.
ETH/USD – Daily Chart
Looking at the chart, recent bearish sentiment in ETH returned once the RSI failed to break out of a ceiling of 52.00.
As of writing, the index is tracking at 48.60, and now seems to be moving towards a floor of 45.30.
Despite this downtrend, the 10-day (red) moving average still remains above its 25-day (blue) counterpart.
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Do you expect U.S. inflation to fall below 7.3%? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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