BTC, ETH Fall to 1-Week Lows, as Markets Prepare for Big Week of Data – Market Updates Bitcoin News

Bitcoin was trading near a key support point on Monday as markets prepared for a big week of economic data. The headline release will be Wednesday’s U.S. inflation report, which is forecasted to come in at 8.1% for September, which is lower than August’s rate of 8.3%. Ethereum was also in the red, as the token slipped to a one-week low to start the week.

Bitcoin

Bitcoin started the week trading at a seven-day low, as markets prepared for a big week of economic data.

BTC/USD slipped to a bottom of $19,162.31 on Monday, which saw prices drop below a key support point of $19,300.

Since hitting this floor, bulls have since reentered, pushing prices back above the aforementioned support.

Looking at the chart, today’s drop in price came as the 14-day relative strength index (RSI), fell to a bottom of its own.

As of writing, the index is tracking 45.47, which is marginally above a support of 45.00, however, bulls have thus far rejected a breakout attempt.

Should this continue to be the case, we could see bitcoin bounce from this point, and head back towards the $20,000 mark.

Ethereum

In addition to bitcoin, ethereum (ETH) was also tracking near a one-week low on Monday, with prices also nearing a breakout.

The world’s second largest cryptocurrency dropped to a low of $1,300.00 to start the week, however bears failed to take the token below this point.

Despite the failed breakout, ETH/USD is currently still trading at its lowest point since October 3, which is the last time price was under $1,300.

As seen from the chart, it appears that bulls are still present in ETH, with the 10-day (red) moving average closing in on a crossover with its 25-day (blue) counterpart.

Should this crossover take place, we could see the price of ethereum surge back toward a resistance of $1,390.

Traders will likely be paying attention to the RSI for guidance, with the index currently hovering marginally above a floor of 41.30.

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Will crypto prices consolidate ahead of Wednesday’s inflation report? Leave your thoughts in the comments below.

Eliman Dambell

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.

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