By Bitcoin.com - 1 tausaga talu ai - Taimi Faitau: 2 minute
Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours
Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. inflation report. Bitcoin fell by over $2,000 in the last 24 hours, as consumer prices fell by less than expected in the United States. Ethereum was also in the red, as the token dropped below $1,600.
Bitcoin
Bitcoin (BTC) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report.
Ina ua maeʻa le maualuga o le $22,673.82 i le Aso Lua, BTC/USD na pa'ū i lalo ole aso ole $20,062.67 ile aso nei.
Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the month prior.
However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.
Looking at the chart, this sell-off took place following a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.
E pei o tusitusiga, BTC/USD is trading at $20,164.21, which is marginally below a floor of $20,600.
Should bearish sentiment remain throughout the day, we could potentially see traders target a lower support level of $19,300.
Ethereum
Eteru (ETH) was also subjected to the bearish onslaught, as the token fell below $1,600 the day before the anticipated start of The Merge event.
Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency dropped to a bottom of $1,564.03 on Wednesday.
Le pa'u i totonu ETH/USD sees the token hit its lowest point in the last week, taking it close to a long-term floor of $1,550 in the process.
Bulls have so far resisted a breakout below this point, with many choosing to reenter and buy the current dip.
As of writing, ethereum is currently trading at $1,594.08, with bulls likely hoping to take prices back above $1,600.
Many still expect that ETH will rally in upcoming days, remaining optimistic about tomorrow’s Merge, and the long-term implications it could have.
Resitala lau imeli iinei e maua ai fa'afouga o le su'esu'eina o tau i vaiaso ta'itasi e lafo i lau pusameli:
Do you expect sentiment in ethereum to shift in the coming days? Leave your thoughts in the comments below.
Punavai autu: Bitcoin.com