Cryptocurrency prices fell in today’s session as markets reacted following the recent US inflation report. Bitcoin fell more than $2,000 in the past 24 hours as consumer prices in the United States fell below expectations. Ethereum was also in the red as the token fell below $1,600.
Bitcoin
Bitcoin (BTC) was trading lower in today’s session as markets continued to react to the latest US inflation report.
Following a high of $22,673.82 on Tuesday, BTC/USD dropped to a low of $20,062.67 earlier today.
Markets had expected the August consumer price index (CPI) to come in at 8.1%, down from 8.5% a month earlier.
But with CPI coming in at 8.3%, traders’ confidence faded, leading to bloodshed in the crypto market.
Looking at the chart, this sell-off followed a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.
As of writing, BTC/USD is trading at $20,164.21, slightly below the $20,600 floor.
If the bearish sentiment persists throughout the day, we could see traders targeting the lower support level at $19,300.
Ethereum
Ethereum (ETH) is under attack, as the token fell below $1,600 a day before the consolidation event.
Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency fell to $1,564.03 on Wednesday.
The fall of ETH/USD saw the token hit its low point last week, taking it to the long-term floor of $1,550 in the process.
Bulls have resisted the crash below this point so far, with many opting to re-enter and buy the current dip.
As of writing, ethereum is currently trading at $1,594.08, with bulls hoping to bounce back above $1,600.
Many still expect ETH to rally in the coming days, hoping for tomorrow’s consolidation and long-term implications.
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