BTC Hovers Near Key Price Floor, Ahead of US Inflation Report – Market Updates Bitcoin News

On May 10, 2023

Bitcoin was hovering close to a key price floor near $27,300 on Wednesday, as markets anticipated the upcoming U.S. inflation report. Consumer prices for last month are expected to remain at 5%, which could be seen as justifying the Federal Reserve’s decision to hike rates last week. Ethereum remained above $1,800.

Bitcoin

Bitcoin (BTC) continued to consolidate on Wednesday, as markets awaited the latest inflation report from the United States.

Following a high of $27,824.39 on Tuesday, BTC/USD dropped to an intraday low of $27,375.60 earlier in today’s session.

Today’s move pushed bitcoin close to a key support point at $27,300, however prices have since rebounded.

Overall, it appears that the previous drop took place following a breakout on the relative strength index (RSI).

Price strength moved below a floor at 43.00, with the index tracking at 42.63 at the time of writing.

Bitcoin is now trading at $27,607.96.

Ethereum

Ethereum also hovered close to a support point of its own in today’s session, as overall market sentiment remained uncertain.

ETH/USD hit a bottom of $1,835.70 on Wednesday, which comes a few days removed from price trading above $2,000.

Overall, ethereum is now in the red for a fifth consecutive day, and is down nearly 10% within that period.

This recent run has sent the 25-day (blue) moving average (MA) lower, with the trend line fast approaching its 10-day (red) counterpart.

Although longer-term momentum is slowing, the fact that the 10-day MA is below the 25-day line, means an upwards crossover could lead to a bull run.

Should this occur, there is a good chance that the target for bulls will be to recapture the $2,000 point.

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Do you expect inflation to fall further today? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.